Johnson & Johnson to acquire Cougar Biotechnology for $43 a share in cash, or $1 billion
Johnson & Johnson says it will buy Cougar Biotechnology for about $1 billion in cash in a move to bulk up its cancer drug portfolio.
New Brunswick-based J&J says it will pay $43 per share for the Los Angeles-based biopharmaceutical company, representing a 16 percent premium to Cougar's closing price Thursday of $36.98.
Cougar Biotechnology has drugs in development for the treatment of prostate cancer, breast cancer and the plasma-cell cancer multiple myeloma. J&J markets the drug Velcade for multiple myeloma.
Both companies' boards have approved the deal, which is expected to close in the third quarter.
Copyright 2009 AP News
