Healthcare products company Johnson & Johnson, New Brunswick, N.J., has signed an agreement to buy Los Angeles-based cancer-drug developer Cougar Biotechnology for $1 billion, according to a news release.
Terms of the all-cash deal call for Cougar to be folded into Centocor Research & Development, a J&J company focused on creating new drug therapies. Specifically, Cougar will become a part of Centocors Ortho Biotech Oncology Research & Development unit.
The acquisition will add several in-development oncology compounds to J&Js portfolio, including potential new drugs for the treatment of prostate, breast and multiple myeloma cancers. Currently Cougar is conducting two Phase III trials for a late-stage prostate cancer treatment compound.
Completion of the deal is subject to customary reviews and closing conditions. The transaction is expected to close in the third quarter of 2009.