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CIMA's fentanyl tech became Fentora, a real approved product — but it fed directly into Cephalon's $425M off-label-marketing scandal and eroded fast once safety restrictions and generics hit, never becoming the pain-franchise cornerstone the deal thesis promised.
Full analysis, sources & comparables →Baldino: 'Combining CIMA's innovative delivery technologies together with our clinical development, regulatory, and sales and marketing experience, will create…
FTC allows Cephalon's $515M acquisition of CIMA Labs subject to a consent order requiring Cephalon to license a generic version of Actiq to Barr Laboratories,…
Final FTC decision and order in Cephalon/CIMA case formalizes Barr generic Actiq licensing remedy as a structural concession to permit deal close.
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Cephalon Inc. acquired CIMA Labs Inc. for approximately $515 million ($34.00 per share), gaining CIMA's OraVescent fentanyl drug-delivery platform to extend Cephalon's Actiq breakthrough-cancer-pain franchise. To resolve FTC competitive concerns, Cephalon agreed to license a generic version of Actiq to Barr Laboratories. The transaction closed in August 2004.
CIMA's fentanyl tech became Fentora, a real approved product — but it fed directly into Cephalon's $425M off-label-marketing scandal and eroded fast once safety restrictions and generics hit, never becoming the pain-franchise cornerstone the deal thesis promised.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Cephalon Inc. / CIMA Labs Inc. (this deal) | 2003 | $515M | 48 |
| Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon) | 2000 | $450M | 89 |
| Cephalon Inc. / Salmedix, Inc. | 2005 | $160M | 89 |
| Cephalon Inc. / Group Lafon (France) | 2001 | $450M | 80 |
| Cephalon Inc. / Cell Therapeutics, Inc. | 2005 | $70M | 74 |
| Cephalon Inc. / Anesta Corp. | 2001 | $444M | 65 |
| Cephalon Inc. / Anesta Corp. | 2000 | $444M | 64 |
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