Teva Pharmaceutical Industries said today that it would acquire Cephalon, a Frazer, Pa.-based specialty drugmaker, for $6.8 billion.
Teva to acquire Cephalon for $6.8 billion
The deal, which was unanimously approved by the boards at both companies, occurred a month after Mississauga, Ontario-based Valeant Pharmaceuticals proposed to buy Cephalon for $5.7 billion.
Teva, based in Jerusalem, is considered the largest generic drugmaker in the world although it also manufactures some branded pharmaceutical products, such as its multiple sclerosis drug Copaxone. Teva and Cephalon said their combined branded portfolio will have more than 20 products, representing about $7 billion in sales on a pro-forma basis, according to a news release.
“This is transforming for Teva’s branded business, as it will help us to deliver on our strategic goal of creating a diversified, multifaceted company,” Shlomo Yanai, Teva’s president and CEO, said in the news release.
The transaction is expected to close in the third quarter.
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