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J&J on the prowl to acquire biotech co.


NEW BRUNSWICK, N.J. A large drug maker wants to buy a Los Angeles-based biotechnology company.

Johnson & Johnson announced Friday that it had begun a tender offer to acquire Cougar Biotechnology, offering shareholders $43 per share. The company’s pipeline includes several compounds designed to treat cancer, including one, CB7630 (abiraterone acetate) in phase 3 trials as a treatment for prostate cancer and in phase 1 trials as a treatment for breast cancer.

J&J said the tender offer would expire at midnight, July 2, unless extended.

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