J&J-acquires Aragon Pharmaceuticals for $ 1-bi

Johnson & Johnson said yesterday that will buy the Aragon Pharmaceuticals, a privately held company that is conducting clinical trials for a remedy against prostate cancer, for $ 650 million in cash and a possible second payment of $ 350 million if they meet certain goals.
The deal does not include the development of Aragon of a treatment for breast cancer, which will be part of a separate company called Seragon Pharmaceuticals and will be headed by the Executive Chairman of Aragon.
The acquisition includes the most advanced medicine of Aragon, called ARN-509, which is currently being evaluated as a treatment for prostate cancer.