Johnson & Johnson Completes Acquisition of Cougar Biotechnology
Late-Stage, First-in-Class Prostate Cancer Treatment Strengthens Presence in Oncology
New Brunswick, N.J. (July 10, 2009) -- Johnson & Johnson (NYSE: JNJ) today announced it has successfully completed its acquisition of Cougar Biotechnology, Inc., 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 (EDT) yesterday with approximately 20,148,930 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 III trials for abiraterone acetate, a late stage, first-in-class compound for the treatment of prostate cancer. The first Phase III 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 III 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 percent 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.
"With the acquisition of Cougar Biotechnology and its talented team, we have strengthened our position in the global oncology market and our efforts to provide a meaningful difference in the lives of millions of patients worldwide," said William N. Hait, M.D., Ph.D., Global Therapeutic Head, Oncology, Ortho Biotech Oncology Research & Development. "Abiraterone acetate now becomes one of many new treatments we are developing, which we hope will change the course of cancer treatment by targeting cancer cells and the tumor microenvironment."
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Additional Information
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Johnson & Johnson's expectations and projections. Risks and uncertainties include: general industry conditions and competition; business and economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 28, 2008. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statements as a result of new information or future events or developments.