Teva/Cephalon deal faces delay

Teva Pharmaceutical Industries and Cephalon have received a request for additional information from the US Federal Trade Commission (FTC) in connection with Teva's $6.8bn pending acquisition of Cephalon. The request will extend the Hart-Scott-Rodino Antitrust Improvements Act of 1976 waiting period until 30 days after the parties have substantially complied with the request, unless that period is terminated sooner by the FTC.

The companies said that they have been cooperating with FTC staff since shortly after the announcement of the transaction and intend to continue to cooperate with the FTC to obtain clearance as promptly as possible.

The companies said they expect that the takeover to be completed in the third quarter of 2011, following completion of the HSR clearance process, clearance by the European Commission under the EC Merger Regulation, and the approval of Cephalon stockholders.Meanwhile Teva has signed a $4bn credit deal with a banking syndicate, made up of European, US, Canadian and Israeli banks.