Johnson & Johnson begins tender offer for Cougar Biotechnology

By Lisa Kerner

Charlotte, N.C., June 5 - Johnson & Johnson said its subsidiary, Kite Merger Sub, Inc., began a cash tender offer for all outstanding shares of common stock of Cougar Biotechnology, Inc. on Friday.

The offer will end at midnight on July 2 unless extended.

Cougar's board of directors recommended its shareholders tender their shares in the $43-per-share offer, according to a Cougar news release.

The acquisition, which is expected to close in the third quarter, is conditioned on a majority of Cougar shares being tendered as well as other customary closing conditions.

In May, New Brunswick, N.J., pharmaceutical giant Johnson & Johnson announced it would acquire Cougar in a deal valued at $970 million.

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

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