Valeant seeks to buy Cephalon
MISSISSAUGA, Ontario — Canadian drug maker Valeant Pharmaceuticals has proposed to buy Cephalon for $5.7 billion, Valeant said Tuesday.
The buyout offer, equal to $73 per share, includes a 29% premium over Cephalon’s stock price. Valeant noted it had made previous offers, but was “disappointed by Cephalon’s unwillingness to engage in discussions in a timely manner.”
“We have taken a close look at Cephalon’s business and believe we put forward a very compelling offer for Cephalon’s stockholders,” Valeant chairman and CEO J. Michael Pearson said. “We are also committed to trying to find additional value if we are allowed to conduct due diligence.”
Cephalon makes the sleep disorder drugs Nuvigil (armodafinil) and Provigil (modafinil) and the pain treatment Fentora (fentanyl), among others. Valeant makes such drugs as the topical acne treatment Acanya Gel (clindamycin phosphate and benzoyl peroxide) and various branded generics.
Dr. Reddy’s completes acquisition of U.S. penicillin facility, products from GSK
HYDERABAD, India — Dr. Reddy’s Labs will assume ownership of a penicillin manufacturing site in Bristol, Tenn., from GlaxoSmithKline.
The generic drug maker said it completed the acquisition of the facility and related product portfolio, including Augmentin and Amoxil brands. GSK will retain the existing rights for the aforementioned brands outside the United States.
Further financial terms and conditions of the transaction are not being disclosed.
Biodel elects new board chairman
DANBURY, Conn. — A biopharmaceutical company that specializes in diabetes treatments has appointed a new board chairman.
Biodel said that effective immediately, Brian Pereira, who has served on the drug maker’s board since 2007, will become chairman. Current chairman Charles Sanders, who served as chairman since March 2010 after joining the board in August 2006, will continue to serve as a board member, Biodel said.
"I thank the board for their confidence in me as Biodel makes important steps forward in its development program," Pereira said. "I join the board in thanking Sanders for his guidance and leadership."