Teva has agreed to acquire Cephalon for approximately $6.8 billion in cash. The transaction is expected to close in 3Q011. Last month, Valeant launched a hostile bid for Cephalon at $5.7 billion. Teva’s offer equates to $81 per share of Cephalon, while Valeant was offering $73 per share. The combined company will have complementary commercial, R&D and operational capabilities and will provide a broad spectrum of specialty branded products in niche therapeutic areas including CNS, oncology...