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Johnson & Johnson(JNJ Quote) announced this morning that it has completed its nearly $894 million bid to buy Los Angeles-based Cougar Biotechnology.
The transaction furthers Johnson & Johnson's move into the cancer-drug market. Cougar Biotech, which was founded in 2003, is best known for its late-stage, experimental prostate cancer offering. The drug, known as abiraterone acetate, is currently in phase III trials.
"Abiraterone acetate now becomes one of many new treatments we are developing, which we hope will change the course of cancer treatment by targeting cancer cells and the tumor micro-environment," Dr. William Hait, Ortho Biotech's global oncology head, said in a press release. ...
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