Cephalon agrees to acquisition by Teva
4 May 2011 00:00 in Pharmaceutical Company Restructures
Cephalon has approved an acquisition deal by fellow pharmaceutical company Teva that has been valued at around $6.8 billion (4.12 billion pounds).
The offer trumps the $5.7 billion takeover bid launched by Valeant Pharmaceuticals earlier this year and has been deemed by Cephalon's board of directors to offer value to its shareholders.
When the planned deal closes in the third quarter of 2011, it will create a combined organisation with a branded portfolio worth around $7 billion in annual sales, as well as a pipeline including more than 30 late-stage investigational compounds.
The transaction is expected to create a new leader in specialty pharmaceuticals, with a strong presence in fields such as central nervous system and respiratory conditions, as well as oncology and pain management.
Generics specialist Teva also believes the buyout will help it to expand and diversify its branded and specialty pharmaceuticals business interests.
Kevin Buchi, chief executive officer of Cephalon, said: "By joining forces with Teva, we will benefit from their scale, worldwide reach and operational excellence, allowing us to further pursue our shared goals of delivering new innovative therapies."
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Story collated for Zenopa by the Adfero News Agency