FTC Seeks Additional Info From Teva, Cephalon Regarding Merger

Date : 06/13/2011 @ 7:15PM
Source : Dow Jones News
Stock : Valeant Pharmaceuticals International, Inc. (VRX)
Quote : 9.25  -0.13 (-1.39%) @ 7:57PM

FTC Seeks Additional Info From Teva, Cephalon Regarding Merger

Cephalon (NASDAQ:CEPH)
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Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) and acquisition target Cephalon Inc. (CEPH) each received a request to provide additional information to the U.S. Federal Trade Commission related to a pending $6.8 billion deal between the firms.

Israel-based Teva, which trumped a hostile offer from Valeant Pharmaceuticals International Inc. (VRX) in agreeing to buy Cephalon last month, said it had expected the request. The parties have been cooperating with the FTC staff since shortly after the bid was announced, according to Teva, which said it intends to win clearance "as promptly as possible."

Teva on Monday said it continues to expect the deal to be completed in the third quarter, following clearance from U.S. and European regulators, as well as winning approval of Cephalon shareholders.

Teva's American depositary shares were recently up 0.4% to $49.35 in after-hours trading.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com




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