Johnson & Johnson completes acquisition of Cougar Biotechnology

By Lisa Kerner

Charlotte, N.C., July 10 - Johnson & Johnson acquired Cougar Biotechnology, Inc. via a short-form merger following completion of its tender offer for Cougar shares on Thursday.

According to Johnson & Johnson, approximately 20,148,930 shares were tendered representing approximately 95.9% of Cougar Biotechnology's outstanding common stock.

Cougar now operates as a wholly owned subsidiary of Johnson & Johnson and will work with Ortho Biotech Oncology Research & Development, a unit of Johnson & Johnson company Centocor Research & Development, Inc.

Currently, Cougar is conducting two phase III trials for abiraterone acetate, a late-stage, first-in-class compound for the treatment of prostate cancer, said Johnson & Johnson.

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

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