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news.Johnson & Johnson (J&J) has acquired Los Angeles-based biopharmaceutical company, Cougar Biotechnology for approximately $1 billion in a cash tender offer. Cougar will work with Ortho Biotech Oncology Research & Development, a unit of Centocor Research & Development, a subsidiary of J&J. The acquisition is expected to strengthen J&J’s presence in the area of Oncology.
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Cougar is currently conducting two Phase III trials for abiraterone acetate for the treatment of prostate cancer. The first Phase III trial is testing abiraterone acetate in patients with metastatic, castration-resistant prostate cancer who have progressed after docetaxel-based chemotherapy failed. The second Phase III trial is studying abiraterone acetate in patients with metastatic, castration-resistant prostate cancer, yet to receive chemotherapy.
The $970 million estimated net value of the transaction is based on Cougar’s 20.8 million shares outstanding, net of estimated cash on hand at closing.
Alan H. Auerbach, CEO, President and Founder of Cougar, said: “we believe that this transaction strongly positions abiraterone acetate for future success with a leading healthcare company that has the expertise, resources, dedication and motivation to deliver it to the cancer patients who need it.”