Pharma BD Deal Intelligence
Lafon delivered exactly what Cephalon bought it for — full control of Provigil, which became a $1B+ blockbuster — but Cephalon's subsequent scramble to protect that franchise from generics triggered a $1.2B antitrust settlement, and the whole company (with this asset as centerpiece) was sold to Teva a decade later.
Full analysis, sources & comparables →The acquisition will increase product sales for Cephalon, significantly improve gross margins for PROVIGIL by eliminating payments to Lafon, improve…
US biopharmaceutical company Cephalon has signed an agreement to acquire France's Group Lafon for $450 million in cash. The deal is expected to close by the…
Cephalon obtained modafinil rights from Lafon and grew Provigil to nearly $1B in sales by 2008; Teva later acquired Cephalon in 2011 for $6.8B.
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$450M cash. Acquired worldwide rights to Provigil (modafinil) plus Mitry-Mory mfg facility. Closed 2001-12-28.
Lafon delivered exactly what Cephalon bought it for — full control of Provigil, which became a $1B+ blockbuster — but Cephalon's subsequent scramble to protect that franchise from generics triggered a $1.2B antitrust settlement, and the whole company (with this asset as centerpiece) was sold to Teva a decade later.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Cephalon Inc. / Group Lafon (France) (this deal) | 2001 | $450M | 80 |
| Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon) | 2000 | $450M | 89 |
| Cephalon Inc. / Salmedix, Inc. | 2005 | $160M | 89 |
| Cephalon Inc. / Cell Therapeutics, Inc. | 2005 | $70M | 74 |
| Cephalon Inc. / Anesta Corp. | 2001 | $444M | 65 |
| Cephalon Inc. / Anesta Corp. | 2000 | $444M | 64 |
| Cephalon Inc. / Zeneus Holdings Limited (Zeneus Pharma) | 2005 | $360M | 63 |
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