Notable Mergers and Acquisitions of the Day 5/22: JNJ/CGRB, PLA, AMSWA/LGTY May 22, 2009 10:16AM

Johnson & Johnson (NYSE: JNJ) and Cougar Biotechnology, Inc. (Nasdaq: CGRB) announced a definitive agreement whereby Cougar Biotechnology will be acquired for approximately $1.0 billion in a cash tender offer.

Under the terms of the agreement, Johnson & Johnson will initiate a tender offer, through a new wholly-owned subsidiary, to purchase all outstanding shares of Cougar Biotechnology at $43 per share.

Cougar Biotechnology closed at $36.98 yesterday.

Cougar Biotechnology is currently conducting two Phase III trials for abiraterone acetate, a late stage, first-in-class compound for the treatment of prostate cancer.

The NY Post reported that Playboy Enterprises (NYSE: PLA) is being quietly shopped around for ...