BALA CYNWYD, Pa., May 22, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Cougar Biotechnology, Inc. ("Cougar Biotechnology" or the "Company") (Nasdaq:CGRB) relating to the proposed acquisition by Johnson & Johnson ("J&J") and Kite Merger Sub, Inc., a wholly owned Subsidiary of J&J.
Under the proposed agreement, J&J will initiate a tender offer to purchase all outstanding shares of Cougar Technology for $43.00 a share. The deal is valued at approximately $1.0 billion. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Cougar Technology's board's approval of the proposed transaction. Cougar Biotechnology is currently conducting two Phase III trials for acetate, a late stage, first-in-class compound for the treatment of prostate cancer. The agreement fails to advise shareholders as to the effect these trials had on the decision to enter into the agreement or the sales process the Company conducted given their fiduciary duties to maximize shareholder value.
If you own shares of Cougar Technology and wish to discuss the legal ramifications of the proposed acquisition by J&J, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Marc Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.