Johnson & Johnson (JNJ) said Thursday it has struck a deal to buy Cougar Biotechnology Inc. (CGRB), a development-stage biopharmaceutical company with a specific focus on cancer treatment, for approximately $1 billion in a cash tender offer.

The deal involves a tender for all Cougar shares at $43 apiece, a premium over the company's Thursday close of $36.98, although Cougar stock rose to $42.10 in after-hours trading.

-By Michael Kitchen; 415-439-6400; AskNewswires@dowjones.com