Teva comes up as front-runner to buy Cephalon
JERUSALEM — Cephalon has another suitor in the form of the world’s largest generic drug company.
Teva Pharmaceutical Industries said Monday that it would buy Frazer, Pa.-based Cephalon for $6.8 billion, undercutting efforts by Valeant Pharmaceuticals International, which had offered $5.7 billion in March.
The boards of both companies have agreed to the acquisition, equal to $81.50 per share. Cephalon previously had turned down Valeant’s offer, prompting the Mississauga, Ontario-based company to take its case directly to Cephalon’s shareholders.
Teva said the buyout would create a robust pipeline that includes more than 30 drugs in late-stage clinical trials, enhancing Teva’s branded drug portfolio with treatments for cancer, respiratory diseases, pain management and central nervous system disorders.
“We are embarking today on a new and exciting future for Teva’s branded business, and we are delighted that we will be working together with the Cephalon team,” Teva president and CEO Shlomo Yanai said. “This is transforming for Teva’s branded business, as it will help us to deliver on our strategic goal of creating a diversified, multifaceted company.”
APhA Foundation, NASPA honor Utah, Ohio pharmacists
WASHINGTON — Pharmacists in Utah and Ohio have won the 2011 Bowl of Hygeia awards from the American Pharmacists Association Foundation and the National Alliance of State Pharmacy Associations, the two organizations announced.
The APhA Foundation and NASPA announced that the Utah Pharmacists Association had given the award to Kathy Goodfellow, owner of Mountain View Pharmacy in Bountiful, Utah, and that the Ohio Pharmacists Association had given it to Mark Dominik of St. Mary’s, Ohio.
The Bowl of Hygeia Award was established in 1958 to recognize pharmacists throughout the country — including the District of Columbia and Puerto Rico — who are seen as possessing outstanding records of civil leadership in their communities. The Bowl of Hygeia, which consists of a bowl on a stem with a snake coiled around it, is an internationally recognized symbol of pharmacy first used by pharmacists in Paris in 1796.
Watson’s generic Concerta enters market
PARSIPPANY, N.J. — Watson Pharmaceuticals has launched an authorized generic version of a Johnson & Johnson drug for treating attention deficit hyperactivity disorder through a subsidiary, Watson said Monday.
Watson announced the launch by Watson Labs of methylphenidate hydrochloride extended-release tablets under an agreement with J&J subsidiary Ortho-McNeil-Janssen.
The drug is an authorized generic version of Concerta, used to treat ADHD in patients ages 6 to 65 years. Concerta had sales of $1.5 billion during the 12-month period ended in February, according to IMS Health.