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Teva Beats Out Valeant in $6.8B Cephalon Bid

Topping a bid by rival Valeant (NYSE:VRX), Teva Pharmaceutical (NASDAQ:TEVA) has inked a deal to acquire Cephalon (NASDAQ:CEPH) for $6.8 billion in an effort to build on its long-term strategy of diversification. The Israeli generic drug maker’s $81.50 a share purchase price represents a 39% premium to its closing price on March 29, its last closing price before the proposal was made public. The deal marks a 6% premium to its closing price on Friday, and tops an $81.50-a-share deal by Valeant.Teva said the acquisition is expected to support its stated goal of growing branded revenues to more than $9 billion in 2015 from $4.6 billion last year. The company has built on these goals through a set of acquisitions, including generic drug maker’s Barr Pharmaceuticals in 2008.The company will have a combined portfolio of roughly $7 billion in sales, with a pipeline including more than 30 late-stage compounds. Teva expects to realize annual cost synergies of at least $500 million starting in 2...

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