Teva Pharmaceutical has completed the long-contested acquisition of US-based biopharmaceutical firm Cephalon in a $6.8bn all-cash deal.

Teva has been reportedly interested in acquiring the company for several years and has finally concluded the deal, worth $81.50 per share, which will give the Israel-based company access to products with in excess of $21.5bn in annual sales.

Cephalon had recently been the target of a $5.7bn hostile takeover approach from Valeant Pharmaceuticals, a move that Teva capitalised on.

Teva has been looking to increase its annual revenue from brand name drugs by 2015, and will now have access to some 20 brand-name medications, as well as a pipeline of more than 30 drugs in Phase II or Phase III clinical trials.

The deal is expected to close in the third quarter of this year.