JNJ Says Review Of Cougar Biotech Deal Is Complete

NEW BRUNSWICK, N.J. (AP) — Johnson & Johnson says the Federal Trade Commission ended a regulatory review of its acquisition of Cougar Biotechnology Inc., allowing the deal to proceed.

Johnson & Johnson agreed to buy Cougar in May for $893.7 million, or $43 per share. Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, an FTC panel had 90 days to review the deal. Johnson & Johnson said in a statement Wednesday that the review was ended early.

The tender offer for shares of Cougar, which is based in Los Angeles, is scheduled to end on July 2. The acquisition is expected to close in the third quarter.