Teva concludes Cephalon acquisition

Teva Pharmaceuticals has successfully completed its $6.2bn acquisition of Cephalon following approval from European regulators.

Following the European Commission approval, Teva will divest marketing rights in France for a generic version of Cephalon narcolepsy medication Provigil.

The move comes after US authorities requested that Teva allow Par Pharmaceuticals to market a separate generic copy of Provigil for a year.

The acquisition has been designed to allow Teva to offset revenue losses associated with the patent expiry of multiple sclerosis drug Copaxone, the company’s biggest selling product.