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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cephalon (MM) | NASDAQ:CEPH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 81.49 | 0 | 01:00:00 |
DOW JONES NEWSWIRES
Teva Pharmaceutical Industries Ltd. (TEVA) has agreed to buy Cephalon Inc. (CEPH) for $6.8 billion, building its branded and specialty pharmaceuticals business as it seeks growth to meet its 2015 revenue targets.
Cephalon shares rose 5.5% to $81.25 in premarket trading, compared with the $81.50 offer price. Teva's American depositary shares climbed 3.4% to $47.30.
Teva executives had indicated at an investor meeting earlier this year they were on the hunt for acquisitions and would pursue a wide range of deals, including those that would build on its core generics business or others that would boost its presence in branded drugs.
Cephalon, meanwhile, had been fighting a hostile $5.7 billion offer from Valeant Pharmaceuticals International Inc. (VRX, VRX.T). Canada's Valeant had proposed to remove and replace board members in connection with its $73-a-share bid.
Valeant shares were down 7.9% at $48.50 in recent premarket trading in New York.
Cephalon faces significant business challenges, as it is in the middle of a long-term plan to replace sales of its top-selling product with a similar follow-up drug. It also is dealing with a leadership transition, caused by the death of its founder and longtime chief executive in December.
Teva said Monday it expects the deal to immediately add to its adjusted earnings. It sees the purchase boosting its profit on a generally accepted accounting principles basis within the fourth quarter of closing.
The company, the largest generic drug maker in the world, had said in February it needed to add $4 billion to $5 billion in annual revenue to meet its 2015 target of $31 billion. In March it and Procter & Gamble Co. (PG) unveiled a venture expanding its over-the-counter drug businesses outside North America. Its last major U.S. acquisition was its 2008 purchase of Barr Pharmaceuticals for $7.46 billion.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com
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