Bloomberg News

Teva’s Cephalon Bid Clears Final Hurdle With European Approval

October 13, 2011

Oct. 13 (Bloomberg) -- Teva Pharmaceutical Industries Ltd. won European approval for its $6.2 billion acquisition of Cephalon Inc., the final regulatory hurdle for the deal, after agreeing to divest the right to sell a generic drug in France.

The companies plan to close the deal tomorrow, Teva and Cephalon said today in a statement.

As a condition of European Commission approval, Petach Tikva, Israel-based Teva must divest Cephalon’s marketing rights in France for a generic version of the $1.1 billion narcolepsy drug Provigil. Teva also agreed to grant the purchaser “certain additional rights with respect to the entire European Economic Area, including a covenant not to sue,” the companies said.

U.S. regulators approved Teva’s purchase of Frazer, Pennsylvania-based Cephalon last week after Teva agreed to let Par Pharmaceutical Cos. market modafinil, the generic form of Provigil, for a year. The Federal Trade Commission also required Teva to sell Par its rights to generic versions of a fentanyl lozenge for cancer pain and an extended release form of the muscle relaxant Flexeril.

--With assistance from Michelle Fay Cortez in Minneapolis. Editor: Andrew Pollack, Bruce Rule

To contact the reporter on this story: Molly Peterson in Washington at mpeterson9@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net


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