Johnson & Johnson, Cougar Biotechnology merger closer to completion

By Lisa Kerner

Charlotte, N.C., June 17 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in Johnson & Johnson's planned acquisition of Cougar Biotechnology, Inc., Johnson & Johnson announced on Wednesday.

Johnson & Johnson subsidiary Kite Merger Sub, Inc. began a $43-per-share cash tender offer for all outstanding shares of common stock of Cougar on June 5.

The offer will end at midnight on July 2 unless extended, said Johnson & Johnson.

Johnson & Johnson, a New Brunswick, N.J.-based health-care company, announced in May that it will 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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