Teva gets approval to buy Cephalon

FRAZER, Pa. — Teva Pharmaceutical Industries got the go-ahead from Cephalon’s shareholders to acquire the Frazer, Pa.-based company in a deal worth $6.8 billion.

Teva came out as the front-runner to purchase Cephalon in May, when the drug maker spurned a takeover bid by Mississauga, Ontario-based Valeant Pharmaceuticals, which had offered $5.7 billion in March.

Teva said at the time that the buyout would create a robust pipeline that includes more than 30 drugs in late-stage clinical trials, enhancing Teva’s branded drug portfolio with treatments for cancer, respiratory diseases, pain management and central nervous system disorders.