Johnson & Johnson Receives Regulatory Clearance For Acquisition Of Cougar

The US Federal Trade Commission has granted Johnson & Johnson, the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, with respect to its previously announced planned acquisition of Cougar.

Johnson & Johnson, through its wholly-owned subsidiary, Kite Merger initiated a cash tender offer to purchase all outstanding shares of Cougar Biotechnology common stock on June 5, 2009. The tender offer will expire at midnight on July 2, 2009, unless extended in accordance with the merger agreement and the applicable rules and regulations of the US Securities and Exchange Commission (SEC).

Upon the successful closing of the tender offer, shareholders of Cougar will receive $43.00 in cash for each share of Cougar common stock tendered in the offer, without interest and less any required withholding taxes. As a subsidiary of Johnson & Johnson, Cougar will work with Ortho Biotech Oncology Research & Development, a unit of Centocor Research & Development.