Johnson & Johnson Announces Regulatory Clearance for Its Planned Acquisition Of Cougar Biotechnology

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New Brunswick, N.J. -- June 17, 2009 -- Johnson & Johnson (NYSE: JNJ) today announced the U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to its previously announced planned acquisition of Cougar Biotechnology (Nasdaq: CGRB).

Johnson & Johnson, through its wholly owned subsidiary, Kite Merger Sub, Inc., initiated a cash tender offer to purchase all outstanding shares of Cougar Biotechnology common stock on June 5, 2009. The tender offer will expire at midnight on July 2, 2009, unless extended in accordance with the merger agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC). Termination of the waiting period satisfies one of the conditions to the tender offer. The closing of the tender offer also is conditioned on the tender of a majority of the outstanding shares of Cougar Biotechnology’s common stock and the satisfaction of other customary closing conditions.

Upon the successful closing of the tender offer, shareholders of Cougar Biotechnology will receive $43.00 in cash for each share of Cougar Biotechnology common stock tendered in the offer, without interest and less any required withholding taxes. As a subsidiary of Johnson & Johnson, following the purchase of shares in the tender offer, Cougar Biotechnology will work with Ortho Biotech Oncology Research & Development, a unit of Centocor Research & Development, Inc., a Johnson & Johnson company.

Source: Johnson & Johnson