Teva announced that it has now received all regulatory approvals required to complete its planned purchase of Cephalon after the European Commission cleared the transaction. The companies have scheduled a closing date for the deal of October 14.
The European regulator said that Teva must divest Cephalon's marketing authorisation for a generic version of the narcolepsy drug Provigil (modafinil) in France. Teva also agreed to grant the purchaser "certain additional rights with respect to the entire European Economic Area, including a covenant not to sue," the companies said. The European Commission ruled that as Teva already markets a generic version of the product, the move "will allow a competitor to emerge and compete effectively with the merged entity."
Earlier this month, regulators in the US conditionally approved Teva's acquisition of Cephalon, after the Israeli drugmaker agreed to grant non-exclusive rights to Par Pharmaceuticals to market a generic version of Provigil. Teva was also required to divest rights and assets related to its generic versions of the cancer pain drug Actiq (fentanyl citrate) and the muscle relaxant Amrix (cyclobenzaprine ER) to Par.