An Israel-based pharmaceutical business said on Monday it is acquiring the parent company of Brooklyn Park-based Cima Labs as part of a $6.8 billion deal.
Teva Pharmaceutical Industries said it will buy Cima's parent company, biopharmaceutical business Cephalon Inc., for $81.50 a share.
"This is transforming for Teva's branded business, as it will help us to deliver on our strategic goal of creating a diversified, multi-faceted company," said Shlomo Yanai, Teva's president and CEO. Yanai said the combined broader portfolio will enhance its profitability.
The purchase price was a 39 percent premium on Cephalon's average stock price on March 29, the last closing price before its bid was announced.
The impact on Cima Lab's 225 workers remains unclear. Cima Labs develops drug delivery technologies. A Cephalon spokeswoman said information wasn't available on the acquisition's impact on Cima Labs or its employees.
Cima was purchased by Cephalon in 2004 in a $515 million deal. Cephalon's stock closed at $80.11, up $3.09 a share on Monday.
