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US: Johnson & Johnson makes move to expand pharmaceutical portfolio

By  |  June 17, 2013

Personal and health care giant Johnson & Johnson has announced plans to acquire privately-held Aragon Pharmaceuticals in a deal that could reach $1 billion, according to reports. The acquisition is a strategic move for Johnson & Johnson into the market for pharmaceutical drugs that specialize in fighting diseases caused and driven by hormones. Reports say the deal between the parties includes a $650 million payment upfront as well as payments of $350 million in increments as the company reaches certain milestones. Aragon will reportedly separate the rest of its assets into a new business. Aragon is currently in the mid-stage of development of a drug to fight prostate cancer. The deal is expected to close in the third quarter of the year.

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