SOURCE: Aragon Pharmaceuticals
SAN DIEGO, CA--(Marketwired - Aug 19, 2013) - Aragon Pharmaceuticals, Inc. (Aragon), a leader in developing drugs for hormone-driven cancers, today announced the closing of its acquisition by Johnson & Johnson. Deal terms included an upfront payment of $650 million in cash with an additional $350 million in potential development milestone payments for a total transaction value of up to $1 billion. The acquisition includes Aragon's androgen receptor antagonist program, including its most advanced compound, ARN-509, a second generation androgen receptor signaling inhibitor that is currently being evaluated in a Phase II trial in patients with castration-resistant prostate cancer.
In conjunction with this acquisition a newly formed corporation called Seragon Pharmaceuticals Inc., which is focused on Aragon's Selective Estrogen Receptor Degrader (SERD) platform, has been spun out of Aragon. Johnson & Johnson does not have an ownership stake in Seragon and does not retain any rights to Seragon's technology or product development pipeline.