Johnson & Johnson's follow-up tender offer for Cougar ends Thursday

By Lisa Kerner

Charlotte, N.C., July 6 - Johnson & Johnson subsidiary Kite Merger Sub, Inc. announced a subsequent offering period for the remaining shares of Cougar Biotechnology, Inc. that ends at 5 p.m. ET on Thursday.

According to Johnson & Johnson, it accepted for payment approximately 17,742,030 shares, or 84.4% of Cougar's common stock, validly tendered and not withdrawn in its initial offer than ended on July 2. An additional 2,001,065 shares were tendered under the guaranteed delivery procedures described in the offer.

Kite Merger Sub began the $43-per-share cash tender offer on June 5.

Once the subsequent offering period is completed, Johnson & Johnson intends to acquire any remaining shares of Cougar common stock through a short-form merger.

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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