Cephalon acquires Cima Labs
Cephalon, from West Chester and Cima Labs of Eden Prairie, MN, have signed a definitive merger agreement under which Cephalon will acquire all the outstanding common shares of Cima.
Cephalon, from West Chester and Cima Labs of Eden Prairie, MN, have signed a definitive merger agreement under which Cephalon will acquire all the outstanding common shares of Cima.
The total value of the transaction is approximately $515m (€437m). The agreement was unanimously approved by the boards of directors of both companies and requires Cima stockholder approval as well as customary regulatory approvals. The merger is expected to close in the first quarter of 2004. Cima will become a wholly owned subsidiary of Cephalon.
The acquisition of Cima, a leader in the field of drug delivery technology, will add a growing business to Cephalon, already one of the fastest growing biopharmaceutical companies. Cima also offers Cephalon an opportunity to develop additional proprietary products using Cima's innovative oral drug delivery technologies, including OraVescent. Cima is developing an OraVescent form of fentanyl, which, if approved, would be a valuable product for the Cephalon pain care sales force.
'Combining Cima's innovative delivery technologies together with our clinical development, regulatory, and sales and marketing experience will create tremendous new opportunities for Cephalon,' said Frank Baldino Jr, chairman and ceo of Cephalon.