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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.
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Zytiga OKed as prostate cancer treatment
HORSHAM, Pa. — The Food and Drug Administration has approved a new treatment for prostate cancer made by Johnson & Johnson.
Centocor Ortho Biotech, J&J’s biotech subsidiary, announced Thursday the approval of Zytiga (abiraterone acetate), a daily pill for use in combination with the corticosteroid prednisone for treating castration-resistant prostate cancer that has spread to other parts of the body in men who have received prior chemotherapy with Sanofi-Aventis’ Taxotere (docetaxel).