Teva Pharmaceuticals, the world's largest generic drug maker, headquartered near Tel Aviv, Israel, announced on 2 May a US$6.8-billion deal to buy Cephalon, which makes the narcolepsy treatment modafinil. Cephalon, based in Frazer, Pennsylvania, had been fighting off a hostile $5.7-billion takeover bid from Canadian firm Valeant Pharmaceuticals of Mississauga, Ontario.
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