Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), the world’s largest generic-drugmaker, has asked European Union regulators to approve its bid for Cephalon. The European Commission has set an initial deadline of September 29 to rule on the deal. Both of the companies are currently being investigated by the EU antitrust agency over an agreement that may have delayed the launching of generic versions of Cephalon’s biggest product, Provigil.
Following the approval of the deal by Cephalon shareholders, the two companies are waiting for European authorities to approve the deal. According the agreement between the two companies, Teva announced last May that it would acquire US-based Cephalon at $81.50 a share, or $6.8 billion.
If the European authorities approve the agreement, the deal is expected to take place during the third quarter this year. Cephalon manufactures branded medications in the fields of oncology, pain relief, and others.
Published by Globes [online], Israel business news - www.globes-online.com - on August 28, 2011
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