Pharma BD Deal Intelligence

Cephalon Inc. / CIMA Labs Inc.

2004 · Acquisition/Merger · $515M · Complete

WRONG BY 25 POINTS

CIMA's OraVescent tech delivered Fentora, but safety scandals, an off-label marketing felony/settlement in the same product family, and eventual full wind-down of the CIMA entity by acquirer Teva mark this as a modest, troubled outcome rather than a clear win.

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The coverage arc

Nov 03, 2003 Cephalon / CIMA definitive merger agreement release (SEC Form 8-K Ex-99.1) Bullish

CEO Frank Baldino: 'Combining CIMA's innovative delivery technologies together with our clinical development, regulatory, and sales and marketing experience,…

Aug 09, 2004 Cephalon / CIMA FTC clearance release (SEC Form 8-K Ex-99.1) Bullish

Baldino: the deal 'provides us with a tremendous opportunity to significantly expand our established pain care franchise by adding OraVescent fentanyl to our…

Sep 24, 2004 FTC Legal Library Neutral

Final FTC decision and order formalizes the Barr generic Actiq license remedy and permits Cephalon's CIMA acquisition to fully close.

Source summaries from our enrichment pipeline; follow links for originals.

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FTC consent agreement Aug 9 2004; required licensing of Actiq generic to Barr; oral disintegrating tablet tech

Did it work? Outcome assessment

CIMA's OraVescent tech delivered Fentora, but safety scandals, an off-label marketing felony/settlement in the same product family, and eventual full wind-down of the CIMA entity by acquirer Teva mark this as a modest, troubled outcome rather than a clear win.

Strategic verdict
Partially Achieved

Key facts

Related deals — scored

DealYearValueOutcome
Cephalon Inc. / CIMA Labs Inc. (this deal)2004$515M46
Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon)2000$450M89
Cephalon Inc. / Salmedix, Inc.2005$160M89
Cephalon Inc. / Group Lafon (France)2001$450M80
Cephalon Inc. / Cell Therapeutics, Inc.2005$70M74
Cephalon Inc. / Anesta Corp.2001$444M65
Cephalon Inc. / Anesta Corp.2000$444M64

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