Teva Pharmaceutical Industries, a global generic drug maker, has acquired Cephalon.

Following the merger agreement between the parties, each share of Cephalon common stock has been converted into the right to receive $81.50 in cash.

Teva president and CEO Shlomo Yanai said the deal would strengthen their specialty pharmaceuticals business through diversification and expansion of their product.

"Our newly-expanded portfolio in CNS, Oncology, Respiratory and Women’s Health, along with our robust pipeline of more than 30 late-stage products truly cements our position as a leader in specialty pharma," Yanai added.

Teva expects the acquisition to be immediately accretive to Teva’s non-GAAP earnings per share and accretive to Teva’s GAAP earnings within the fourth quarter of closing.