June 5, 2009 (FinancialWire) — Johnson & Johnson (NYSE: JNJ), through a new wholly-owned subsidiary, Kite Merger Sub, Inc., said it has launched a cash tender offer to purchase all outstanding shares of common stock of Cougar Biotechnology, Inc. (NASDAQ: CGRB) for 43.00 per share in cash.

Los Angeles-based Cougar Biotechnology was established to in-license and develop clinical stage drugs, with a specific focus on the field of oncology.

Cougar’s board has recommended that the company’s shareholders accept the offer. If the deal closes, Cougar Biotechnology will work with Ortho Biotech Oncology Research & Development, a unit of Johnson & Johnson’s Centocor Research & Development, Inc. unit.

New Brunswick, New Jersey-based Johnson & Johnson reported on May 21 that it planned to acquire Cougar Biotechnology.

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