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Cephalon acquires Anesta in $444mm stock swap

Executive Summary

Enhancing its clinical development pipeline, Cephalon will acquire all outstanding shares of Anesta (oral transmucosal drug delivery) for $31.45 each-a (pr)32% premium--in an all-stock merger valued at $444mm or about 68 times Anesta's sales. Should Anesta withdraw from the deal, it is required to pay Cephalon a $15mm termination fee.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
  • Pharmaceuticals
    • Drug Delivery
Deal Status
  • Final
Deal Type
  • Acquisition
    • Full Acquisition
    • Includes Contract
    • Intra-Biotech Deal
    • Payment Includes Stock

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