EU Clears Buy Of US Pharma Company Cephalon By Israel's Teva
October 14 2011 - 3:57AM
Dow Jones News
The European Commission's Antitrust unit cleared Friday the
acquisition of US-based pharmaceutical company Cephalon Inc. (CEPH)
by the generic pharmaceutical company Teva Pharmaceuticals
Industries Ltd (TEVA.TV) of Israel but set conditions on its
approval.
In a statement, the commission said the decision is conditional
on the divestment of Cephalon's generic version of the Provigil
drug, which is used to treat excessive daytime sleepiness. The
commission said Teva also has a generic version of the drug.
The commission said it was concerned about the effect of Teva's
purchase of Cephalon on competition for drugs based on Modafinil,
which is the main pharmaceutical ingredient of Provigil as well as
the Teva generic drug and a new drug that Cephalon has in the
pipeline.
"The Commission's investigation showed that the divestment of
Cephalon's generic pipeline Modafinil product, as offered by the
company, will allow a competitor to emerge and compete effectively
with the merged entity."
Teva is the world's largest generic pharmaceutical company.
Cephalon also supplies generic drugs in the EU.
-By Laurence Norman, Dow Jones Newswires; 32-(0)2 741 1481;
laurence.norman@dowjones.com
Cephalon (NASDAQ:CEPH)
Historical Stock Chart
From Jul 2024 to Aug 2024
Cephalon (NASDAQ:CEPH)
Historical Stock Chart
From Aug 2023 to Aug 2024