PHARMACY

J&J completes acquisition of Cougar Biotechnology

BY Allison Cerra

NEW BRUNSWICK, N.J. Johnson & Johnson announced it has successfully completed its acquisition of Cougar Biotechnology 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 Thursday with approximately 20.15 billion 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 3 trials for abiraterone acetate, a late stage, first-in-class compound for the treatment of prostate cancer. The first Phase 3 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 3 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% 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.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
PHARMACY

Bartell Drugs collects food for people in need

BY Alaric DeArment

SEATTLE A regional retail pharmacy chain has collected enough food for more than 15,000 meals for people in need.

Bartell Drugs announced Thursday that its “Stock the Pantry” food drive, which it had conducted with Northwest Harvest and Fisher Communications, had collected 16,767 pounds of food through the chain’s 55 stores in King, Pierce and Snohomish counties.

“Year-around hunger is an unfortunate reality for many children and their families, as well as many seniors,” Bartell chairman and CEO George Bartell said. “Through the generous contributions by our customers, we’re proud to support Northwest Harvest with this effort.

The food drive was launched in May as a way to help Northwest Harvest replenish its food stocks during the summer months.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
PHARMACY

OSI Pharmaceuticals moving to Westchester Co., N.Y.

BY Alaric DeArment

MELVILLE, N.Y. Biotech company OSI Pharmaceuticals plans to move its U.S. operations to a single campus in upstate New York, the company announced this week.

OSI announced that it had purchased a 43-acre site in Ardsley, a community in the town of Greenburgh, N.Y., and would move 350 employees from Melville and Farmingdale, N.Y., Cedar Knolls, N.J., and Boulder, Colo., to the new campus in the second half of this year.

“The past 10 years has been a remarkable journey as the company has successfully brought its first oncology product, Tarceva, to market and taken the business profitable,” OSI CEO Colin Goddard said. “Nonetheless, we have recognized that we will only truly capture the full strategic value of our oncology franchise if we simplify our business by bringing together all the elements of our U.S. operations onto a single site.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?