Cephalon to Acquire French Drug Maker
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Cephalon Inc., which makes neurological drugs, agreed to buy French drug maker Group Lafon for $450 million in cash.
By gaining full control of Lafon’s Provigil drug for narcolepsy, Cephalon expects to add about $80 million in sales and 3 cents a share to earnings in 2002. The West Chester, Pa.-based drug maker increased its 2002 earnings forecast to $1.03 a share. Sales will be $400 million to $410 million, Cephalon said.
Cephalon, which also makes cancer treatments, is acquiring closely held Lafon’s commercial, research and manufacturing operations and about 14 drugs, including Provigil, for excessive sleepiness. Cephalon has licensed the rights to develop and sell Provigil in the U.S. since 1993 from Lafon.
Shares of Cephalon fell $2.71 to $70.03 on Nasdaq.
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