Johnson & Johnson (J&J) has announced that it has successfully completed the acquisition of Cougar Biotechnology, a development-stage biopharmaceutical company with a focus on oncology.
The acquisition was completed through a "short-form" merger, conducted without a vote or meeting of Cougar Biotechnology's remaining shareholders.
J&J tendered approximately 20,148,930 shares, representing approximately 95.9% of Cougar Biotechnology's outstanding common stock.
Cougar Biotechnology will now operate as a wholly owned subsidiary of J&J and will work with Ortho Biotech Oncology Research & Development, a unit of Centocor Research & Development, Inc, a J&J company.
Cougar Biotechnology is currently conducting two Phase III trials for abiraterone acetate, an innovative late-stage 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.
Ortho Biotech Oncology Research & Development global therapeutic head William N Hait said that with the acquisition of Cougar Biotechnology the company has strengthened its position in the global oncology market and its efforts to provide a meaningful difference in the lives of millions of patients worldwide.
"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 tumour microenvironment," Hait said.