Healthcare giant Johnson & Johnson (JNJ) has agreed to acquire Aragon Pharmaceuticals, Inc., a privately-held, pharmaceutical discovery and development company focused on drugs to treat hormonally-driven cancers. The transaction, approved by the boards of both the companies, 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.
Pursuant to this deal, Johnson & Johnson would make an upfront cash payment of $650 million, plus additional contingent payments of up to $350 million based on reaching predetermined milestones. The transaction may close in the third quarter of 2013.
Prior to closing, Aragon would transfer all assets other than its androgen receptor antagonist program to a newly formed company, which Aragon would spin off. Johnson & Johnson would neither have an ownership stake in the new company nor retain any rights to these products or programs.
"The acquisition of Aragon further enhances our leadership in prostate cancer drug development. ARN-509 complements ZYTIGA and provides the potential for exciting, novel approaches to treat prostate cancer patients," said Peter Lebowitz, M.D., Ph.D., Global Therapeutic Area Head, Oncology for Janssen Research & Development, LLC.
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