In merger and acquisition news, Israel's Teva Pharmaceutical Industries, the world's largest generic drug maker, announced the takeover of biopharma firm Cephalon in a $6.8 billion deal, weeks after Cephalon rejected a hostile $5.7 billion bid from Canadian firm Valeant.
Teva offered $81.50 in cash for all of Cephalon's shares outstanding, representing a 39 percent premium on Cephalon's share value at the end of March, before Valeant launched its takeover bid.
Teva shares were up 2.4 percent to $46.85, while Cephalon's surged 5.1 percent to $80.96.
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