Cougar to be bought by Johnson & Johnson for $970 million

New York, May 21 - Cougar Biotechnology, Inc. is to be acquired by Johnson & Johnson for $970 million in cash, the two companies announced Thursday.

New Brunswick, N.J., pharmaceutical giant Johnson & Johnson will offer $43.00 per share for Cougar in a cash tender offer.

Closing of the offer is subject to tenders of a majority of Cougar's share and clearance under the Hart-Scott-Rodino Antitrust Improvements Act, along with customary conditions.

The $970 million value of the transaction is based on Cougar's 20.8 million shares outstanding less cash on hand.

The boards of both companies have approved the transaction.

Los Angeles-based Cougar, which has compounds in development for the treatment of prostate cancer, as well as breast cancer and multiple myeloma, will work with Ortho Biotech Oncology Research & Development, a unit of Centocor Research & Development, Inc., a Johnson & Johnson company.

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