EU Approves Teva & Cephalon Acquisition

With this approval from the European Commission, the two companies have now obtained all regulatory approvals required to close the transaction.

Israel-based Teva Pharmaceutical Industries Ltd. and Pennsylvania-based Cephalon Inc. announced on Oct. 13 that they received approval from the European Commission to proceed with Teva's acquisition of Cephalon.

In connection with this approval, Teva is required to divest Cephalon's marketing authorization of generic modafinil in France and grant to the purchaser of this marketing authorization certain additional rights with respect to the entire European Economic Area, including a covenant not to sue effective as of October 2012.

With this approval, the two companies have now obtained all regulatory approvals required to close the transaction and, accordingly, have scheduled a closing date of October 14, 2011.