J&J to Buy Aragon Pharmaceuticals for $1B

by William White | June 17, 2013 4:36 pm

By the end of the third quarter, Aragon Pharmaceuticals will have a new home with Johnson & Johnson (JNJ[1]).

Johnson & Johnson has agreed to pay $650 million right off the bat[2], 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[3].

JNJ shares finished up fractionally today.

Endnotes:
  1. JNJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=JNJ
  2. $650 million right off the bat: http://www.usatoday.com/story/money/business/2013/06/17/jnj-to-buy-aragon-for-at-least-650m/2430377/
  3. told Reuters: http://www.reuters.com/article/2013/06/17/us-johnsonjohnson-aragon-idUSBRE95G0DI20130617

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