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Johnson & Johnson Announces Definitive Agreement To Acquire Aragon Pharmaceuticals Inc


Monday, 17 Jun 2013 08:00am EDT 

Johnson & Johnson announced a definitive agreement to acquire Aragon Pharmaceuticals Inc, a privately-held, pharmaceutical discovery and development company focused on drugs to treat hormonally-driven cancers. The acquisition includes Aragon's androgen receptor antagonist program. Aragon's lead product candidate is a second generation androgen receptor signaling inhibitor, ARN-509, in Phase 2 development for castration resistant prostate cancer (CRPC). Under the terms of the agreement, Johnson & Johnson will make an upfront cash payment of $650 million, plus additional contingent payments of up to $350 million based on reaching predetermined milestones. The transaction is expected to close in the third quarter of 2013. Prior to closing, Aragon will transfer all assets other than its androgen receptor antagonist program to a newly formed company, which Aragon will spin off. Johnson & Johnson will not have an ownership stake in the new company nor retain any rights to these products or programs. The boards of directors of both Johnson & Johnson and Aragon have approved the transaction. 

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24 Jul 2014