Cougar Shareholders Tender Shares to J

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Johnson & Johnson said 84.4 percent of the outstanding shares of Los Angeles biotech Cougar Biotechnology Inc, were tendered during an initial offering that ended last week.

A follow-on offering period during which remaining shares can be tendered will remain open until Thursday.

Johnson & Johnson in May offered to pay $43 per share in cash, about $970 million, for the cancer drug developer, which has no drugs on the market but a prostate cancer drug in late stage studies. On completion of the deal, Cougar will operate as a unit of Johnson & Johnson under its Centocor Research & Development Inc.

The New Jersey drug giant conducted the tender offer through its Kite Merger Sub Inc. unit.

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