Teva gets EU watchdog approval to buy Cephalon

Thu Oct 13, 2011 5:07pm EDT

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(Reuters) - Israel-based Teva Pharmaceutical Industries Ltd (TEVA.TA) said it got approval from the European Commission to buy U.S. specialty drugmaker Cephalon Inc

CEPH.O.

The approval requires Teva to sell Cephalon's marketing authorization of generic modafinil in France. Modafinil, marketed by Cephalon as Provigil, is used to treat certain sleeping disorders.

Teva also must grant the buyer of this marketing authorization certain additional rights with respect to the entire European Economic Area, including an agreement not to sue, effective as of October next year.

Teva in late September offered concessions in a bid to ease EU regulatory concerns over its plan to buy Cephalon.

The company said it plans to close the deal on October 14, now that it has obtained the last regulatory approval it needed.

Last Friday, Teva won U.S. antitrust approval to buy Cephalon for nearly $7 billion.

(Reporting by Zeba Siddiqui in Bangalore; Editing by Viraj Nair)

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