FTC clears Teva-Cephalon acquisition deal
JERUSALEM — The Federal Trade Commission has given Teva Pharmaceutical Industries the green light to acquire Frazer, Pa.-based drug maker Cephalon, but with some restrictions, Teva said.
Before it can complete the $6.8 billion deal, Teva must sell to Par Pharmaceutical Cos. its generic versions of two Cephalon drugs, namely generic versions of the cancer pain drug Actiq (fentanyl citrate) and the muscle relaxant drug Amrix (cyclobenzaprine), which have combined sales of $298 million per year, according to IMS Health.
Teva also will grant nonexclusive U.S. rights to an undisclosed company to market a generic of Cephalon's sleep disorder drug Provigil (modafinil), the branded version of which has annual sales of $1.1 billion.
The deal is still subject to the approval of the European Commission, but both companies expect to close it by Friday.