FTC seeks more information on Teva, Cephalon deal
LOS ANGELES |
LOS ANGELES (Reuters) - The Federal Trade Commission has requested additional information on Israel-based Teva Pharmaceutical Industries Ltd's planned acquisition of U.S. drugmaker Cephalon Inc.
Cephalon agreed to the $6.8 billion deal in May after resisting an unsolicited takeover offer by Canada-based Valeant Pharmaceuticals International Inc
Teva and Cephalon said in a statement on Monday that they intend to continue cooperating with FTC staff to secure clearance for the transaction as promptly as possible.
The companies said this "second request" from the FTC would extend the deadline for antitrust clearance until 30 days after they have complied with the request, unless the period is terminated sooner by the FTC.
They also said they still expect to complete the deal in the third quarter of 2011, following regulatory clearance in the United States and European Union, as approval of Cephalon shareholders.
(Reporting by Deena Beasley; editing by Carol Bishopric)
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