Johnson & Johnson (JNJ +0.6%) has agreed to acquire privately held Aragon Pharmaceuticals...

|About: Johnson & Johnson (JNJ)|By:, SA News Editor

Johnson & Johnson (JNJ +0.6%) has agreed to acquire privately held Aragon Pharmaceuticals for $650M in cash upfront and a further $350M in milestone payments. Aragon is carrying out Phase II trials for its prostate cancer drug ARN-509. The deal excludes the company's experimental breast-cancer treatment, which will be spun off into a separate company called Seragon Pharmaceuticals. (PR)