Gamco buys stake in Cougar Biotechnology ahead of merger with J&J

By Lisa Kerner

Charlotte, N.C., June 30 - Cougar Biotechnology, Inc. investors led by Gamco Asset Management Inc. purchased 1,123,001 shares of the company's stock for an initial 5.4% ownership interest, according to a schedule 13D filed on Tuesday with the Securities and Exchange Commission.

The shares were acquired between May 22 and June 29 and were priced from $42.60 to $43.02 each, the filing said.

In May, Johnson & Johnson, a New Brunswick, N.J., health-care company, announced it would acquire Cougar for $970 million in a $43-per-share cash tender offer.

The tender offer ends at midnight ET on Thursday.

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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