Teva Pharmaceutical Industries has swooped in to grab Cephalon away from prospective buyer Valeant Pharmaceuticals. The Israel-based generics giant has agreed to pay $6.8 billion for Cephalon, best known for its sleep-disorder drugs Provigil and Nuvigil. The $81.50-per-share offer beats Valeant's $73 hostile bid by almost 12 percent.
Cephalon's pain, sleep and cancer drugs will help Teva reduce its reliance on the big-selling Copaxone(a Multiple Sclerosis drug), which faces increasing competitive threats.
As Bloomberg notes, with Cephalon's drugs, Teva would boast $7 billion a year in branded sales. The company would also have two blockbusters to its credit, Copaxone and Cephalon's Provigil.
The Israeli company has been buying up companies and products as part of its long-term strategy to be a $31 billion company by 2015.
Cephalon marks the third major deal for Teva after previous purchases of Barr Pharmaceuticals and Ratiopharm (germany), thus becoming the biggest generics maker in Europe.
Teva pharmaceuticals is the largest generic drug manufacturer in the world and one of the 15 largest pharmaceutical companies worldwide.In 2008, sales totalled $11.08 billion, $13.9 billion in 2009, and in 2010 total sales rose to $16.1 billion, of which a major portion was in Europe and North America.
Posts
0 comments:
Post a Comment