Johnson & Johnson Announces Definitive Agreement To Acquire Aragon Pharmaceuticals, Inc.

      Johnson & Johnson Announces Definitive Agreement To Acquire Aragon
                            Pharmaceuticals, Inc.

Late-Stage Prostate Cancer Treatment Strengthens Oncology Pipeline

PR Newswire

NEW BRUNSWICK, N.J., June 17, 2013

NEW BRUNSWICK, N.J., June 17, 2013 /PRNewswire/ -- Johnson & Johnson (NYSE:
JNJ) announced today a definitive agreement to acquire Aragon Pharmaceuticals,
Inc., a privately-held, pharmaceutical discovery and development company
focused on drugs to treat hormonally-driven cancers.

The acquisition includes Aragon's androgen receptor antagonist program.
Aragon's lead product candidate is a second generation androgen receptor
signaling inhibitor, ARN-509, in Phase 2 development for castration resistant
prostate cancer (CRPC).

Under the terms of the agreement, Johnson & Johnson will make an upfront cash
payment of $650 million, plus additional contingent payments of up to $350
million based on reaching predetermined milestones. The transaction is
expected to close in the third quarter of 2013.

Prior to closing, Aragon will transfer all assets other than its androgen
receptor antagonist program to a newly formed company, which Aragon will spin
off. Johnson & Johnson will not have an ownership stake in the new company
nor retain any rights to these products or programs.

The closing is subject to clearance under the Hart-Scott-Rodino Antitrust
Improvements Act, Aragon's consummation of the spin-off of the newly created
company, and other customary closing conditions. The boards of directors of
both Johnson & Johnson and Aragon have approved the transaction.

"The acquisition of Aragon further enhances our leadership in prostate cancer
drug development. ARN-509 complements ZYTIGA® and provides the potential for
exciting, novel approaches to treat prostate cancer patients," said Peter F.
Lebowitz, M.D., Ph.D., Global Therapeutic Area Head, Oncology for Janssen
Research & Development, LLC. "Prostate cancer is one of our main areas of
focus, and we are pleased to be adding ARN-509 to our portfolio."

About Johnson & Johnson

Caring for the world, one person at a time…inspires and unites the people of
Johnson & Johnson. We embrace research and science -- bringing innovative
ideas, products and services to advance the health and well-being of people.
Our approximately 128,000 employees at more than 275 Johnson & Johnson
operating companies work with partners in health care to touch the lives of
over a billion people every day, throughout the world.

About Janssen Research & Development, LLC

Janssen Research & Development, LLC, one of the Janssen Pharmaceutical
Companies of Johnson & Johnson, is headquartered in Raritan, N.J. and has
affiliated facilities in Europe, the United States and Asia. Janssen Research
& Development is leveraging a combination of internal and external innovation
to discover and develop novel medicines and solutions in five distinct
therapeutic areas: Neuroscience, Oncology, Immunology, Infectious Diseases
and Vaccines, and Cardiovascular and Metabolism. For more information about
Janssen Research & Development, LLC visit www.janssenrnd.com.

(This press release contains "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. The reader is cautioned not
to rely on these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results could
vary materially from the expectations and projections of Janssen Research &
Development, LLC and/or Johnson & Johnson. Risks and uncertainties include,
but are not limited to, the satisfaction of closing conditions for the
acquisition, including clearance under the Hart-Scott-Rodino Antitrust
Improvements Act, consummation of Aragon's spin-off transaction, and certain
customary closing conditions; the possibility that the transaction will not be
completed; general industry conditions and competition; economic factors, such
as interest rate and currency exchange rate fluctuations; technological
advances, new products and patents attained by competitors; challenges
inherent in new product development, including obtaining regulatory approvals;
challenges to patents; changes in behavior and spending patterns or financial
distress of purchasers of health care products and services; changes to
governmental laws and regulations and domestic and foreign health care
reforms; trends toward health care cost containment; and increased scrutiny of
the health care industry by government agencies. In addition, if and when the
transaction is consummated, there will be risks and uncertainties related to
the ability of Janssen Research & Development, LLC and/or Johnson & Johnson to
successfully integrate the business of Aragon Pharmaceuticals, Inc. A further
list and description of these risks, uncertainties and other factors can be
found in Exhibit 99 of Johnson & Johnson's Annual Report on Form 10-K for the
fiscal year ended December 30, 2012. Copies of this Form 10-K, as well as
subsequent filings, are available online at www.sec.gov, www.jnj.com or on
request from Johnson & Johnson. None of the Janssen Pharmaceutical Companies
nor Johnson & Johnson undertake to update any forward-looking statements as a
result of new information or future events or developments.)

SOURCE Johnson & Johnson

Website: http://www.jnj.com
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