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Cephalon buys CIMA for $492mm in cash

Executive Summary

After its first proposal of $26 per share was rejected in favor of another suitor, Cephalon has won the bidding war to acquire drug delivery company CIMA Labs for about $492mm (over 20 times CIMA's 2002 sales). It paid $34 per share in cash for each outstanding CIMA share (a 10% premium to the market average), winning out over specialty pharmaceuticals company aaiPharma's stock-for-stock bid that valued CIMA at only $25.86 per share.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
  • Pharmaceuticals
    • Drug Delivery
Deal Status
  • Final
Deal Type
  • Acquisition
    • Full Acquisition
    • Includes Contract
    • Intra-Biotech Deal
    • Payment Includes Cash

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