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Pharmaceuticals

J&J Will Acquire Cougar Biotechnology

by Ann M. Thayer
June 1, 2009 | A version of this story appeared in Volume 87, Issue 22
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Looking to strengthen its oncology operations, Johnson & Johnson has struck a deal to acquire Los Angeles-based Cougar Biotechnology for about $1 billion in cash. Established in 2003 to in-license and develop compounds, Cougar has a prostate cancer treatment, abiraterone acetate, and agents to treat breast cancer and multiple myeloma in late-stage development. To complete the deal J&J must acquire a majority of Cougar shares through a tender offer.

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