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.”
About Johnson & Johnson
Caring for the world, one person at a time…inspires and
unites the people of Johnson & Johnson. We embrace research and
science - bringing innovative ideas, products and services to
advance the health and well-being of people. Our 119,000 employees
at more than 250 Johnson & Johnson companies work with partners
in health care to touch the lives of over a billion people every
day, throughout the world.
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.
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Posted: July 2009
