J&J buys Cougar Biotech for $1B

Johnson & Johnson has snagged a biotech with a late-stage oncology drug in its pipeline. J&J will pay $1 billion cash for Los Angeles-based Cougar Biotechnology, which is developing drugs for prostate cancer, breast cancer and multiple myeloma. Cougar will work with Ortho Biotech Oncology R&D, a unit of Centocor R&D.

Cougar is conducting two Phase III trials for abiraterone acetate for prostate cancer. The first study involves patients with metastatic, castration-resistant prostate cancer who have progressed after docetaxel-based chemotherapy has failed. The second trial is testing patients who have not receive chemotherapy.

"The acquisition of Cougar Biotechnology with its talented team will strengthen our growing capabilities toward a leadership position in the global oncology market," said William N. Hait, M.D., Ph.D., Global Therapeutic Head, Oncology, Ortho Biotech Oncology Research & Development. "We are developing new treatments that we anticipate will change the course of cancer treatment by targeting the tumor and its microenvironment and thereby will provide a meaningful difference in the lives of millions of patients worldwide."

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