By the end of the third quarter, Aragon Pharmaceuticals will have a new home with Johnson & Johnson (JNJ).
Johnson & Johnson has agreed to pay $650 million right off the bat, as well as additional $350 million if additional requirements are met.
Aragon researches treatment methods for prostate cancer; the purchase seemingly will give Johnson & Johnson a leg up in the development of drugs for prostate cancer.
“Prostate cancer is a key area of focus for us, and we are really excited about ARN-509 and adding it to our portfolio,” J&J spokeswoman Kellie McLaughlin told Reuters.
JNJ shares finished up fractionally today.