Acino pays 80 million euros for Cephalon's Middle East and African business

Switzerland-based generic and branded drugmaker Acino (SIX: ACIN) says it has reached agreement to acquire the combined Middle East and African business of US biotech firm Cephalon, which just this month was acquired by Israel’s Teva Pharmaceutical Industries (Nasdaq: TEVA; The Pharma Letter October 14), for a total consideration of around 80 million euros ($110.9 million).

Under the terms of the deal, Acino will pay 60 million euros in cash and 20 million euros through the issue of shares from authorized capital (calculated at the average share price on the day prior to the closing of the transaction). Acino expects the acquisition to be immediately accretive.

The business to be acquired, which includes Cephalon and its Swiss subsidiary Mepha’s brands, is expected to generate sales of close to 100 million euros in 2011. The well-established product portfolio comprises leading brands including the analgesic Olfen (diclofenac), the antispasmotic Spasfon (phloroglucinol/trimethylphloroglucinol), the gastrointestinal drug Gasec (omeprazole) and the antibiotic Mesporin (ceftriaxone).