Johnson and Johnson Acquiring Cougar Biotechnology – Cancer Biotech Company Los Angeles
Posted May 22 2009 6:25pm
The company has a couple drugs targeted for prostate cancer, one in phase 3 with clinical trials and is a hormone based drug in pill form that works by targeting a specific enzyme to limit the production of testosterone that is produced to stunt the growth of cancerous cells and tumors as well as providing some life prolonging benefits.
Almost one billion was the price tag and the process of pharma investing in biotech continues. BD
The drug maker Johnson & Johnson said on Thursday that it had agreed to acquire a cancer drug developer, Cougar Biotechnology, for about $970 million to strengthen its oncology business.
Johnson & Johnson said it had agreed to pay $43 a share, which is about a 16 percent premium to Cougar’s close on Thursday of $36.98. The shares traded at $42 after hours.
Cougar is conducting two trials for an experimental treatment for prostate cancer.
The deal is the latest in a string of purchases by big pharmaceutical companies of smaller companies with promising products.