Teva Pharmaceutical Industries Ltd struck a deal to acquire U.S. specialty drugmaker Cephalon Inc (CEPH.O) for more than $6 billion, topping an unsolicited bid by Canada's Valeant Pharmaceuticals International Inc and boosting its brand-name drug business. Teva's (TEVA.TA) (TEVA.O) $81.50-a-share deal is a nearly 12 percent premium over Valeant's (VRX.TO) $73-a-share offer, which Valeant made public on March 29. Israel-based Teva is best known as the world's largest maker of generic drugs, but it also has a significant business selling brand medicines that have patent protection. Adding Cephalon's pain, sleep and cancer drugs will help Teva reduce its dependence on its big-selling Copaxone multiple sclerosis medicine, which faces increasing competitive threats. The deal is not conditioned on financing and is expected to be completed in the third quarter, the companies said.
Cephalon, Inc. is a global biopharmaceutical company dedicated to discovering, developing and bringing to market medications to improve the quality of life of individuals around the world. Shares of CEPH remained unchanged at $77.02. In the past year, the shares have traded as low as $54.15 and as high as $77.59. On average, 2796530 shares of CEPH exchange hands on a given day and today's volume is recorded at 673508.
Teva Pharmaceutical Industries Limited (Teva) is a global pharmaceutical and drug company. Shares of TEVA remained unchanged at $45.73. In the past year, the shares have traded as low as $44.86 and as high as $60.78. On average, 7662090 shares of TEVA exchange hands on a given day and today's volume is recorded at 408872.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX remained unchanged at $52.63. In the past year, the shares have traded as low as $13.67 and as high as $55.00. On average, 2715770 shares of VRX exchange hands on a given day and today's volume is recorded at 6140.
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