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J&J to aquire Cougar

Johnson & Johnson has filed a tender offer statement with the Securities and Exchange Commission to purchase all outstanding shares

Johnson & Johnson has filed a tender offer statement with the Securities and Exchange Commission (SEC) to purchase all outstanding shares in Cougar Biotechnology. It reported its intent to acquire the Los Angeles-based biotech company in May this year.

Courgar's board of directors has unanimously approved the merger and, if the deal closes successfully, shareholders will receive $43 per share. The company in-licenses and develops clinical stage oncology drugs and currently has products in trials for prostate cancer, breast cancer, multiple myeloma and solid tumours.

The transaction is expected to close during the third quarter of 2009 and is subject to various conditions.

8th June 2009

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