J&J completes acquisition of Cougar Biotechnology
NEW BRUNSWICK, N.J. Johnson & Johnson announced it has successfully completed its acquisition of Cougar Biotechnology a development stage biopharmaceutical company with a specific focus on oncology.
Johnson & Johnson's tender offer for shares of Cougar Biotechnology common stock expired at 5 p.m. Eastern Daylight Time Thursday with approximately 20.15 billion shares tendered, representing approximately 95.9% of Cougar Biotechnology's outstanding common stock. The acquisition was completed yesterday through what is known as a "short-form" merger, without a vote or meeting of Cougar Biotechnology's remaining shareholders.
Cougar Biotechnology currently is conducting two Phase 3 trials for abiraterone acetate, a late stage, first-in-class compound for the treatment of prostate cancer. The first Phase 3 trial is testing abiraterone acetate in patients with metastatic, castration-resistant prostate cancer who have progressed after docetaxel-based chemotherapy has failed. The second Phase 3 trial is studying abiraterone acetate in patients with metastatic, castration-resistant prostate cancer who have yet to receive chemotherapy.
One-in-six men will be diagnosed with prostate cancer in his lifetime, and the disease accounts for 10% of cancer-related deaths in the United States.
Cougar Biotechnology now operates as a wholly-owned subsidiary of Johnson & Johnson and will work with Ortho Biotech Oncology Research & Development, a unit of Centocor Research & Development, Inc., a Johnson & Johnson company.