FRAZER, Pa. (AP) -- Biotechnology company Cephalon Inc. said Friday it has completed its acquisition of Swiss drugmaker Mepha for about $615.4 million.
The Frazer, Pa., company said Mepha is now a wholly owned subsidiary of Cephalon, and the move will expand Cephalon's presence in Europe.
"Cephalon intends to leverage Mepha's brand recognition as the number one generics company in Switzerland and a prominent generic pharmaceutical company in many other markets," said Alain Aragues, Cephalon Europe executive vice president, in a statement.
Cephalon has said the deal doubles the size of its international business and positions it for future growth in European, Middle Eastern and African markets.
Earlier this year, Cephalon said it would buy the company for an estimated $590 million, but said Friday the closing purchase price was subject to adjustments and is subject to more "post-closing working capital and net debt adjustments."
In early trading, Cephalon shares added 28 cents to $67.06.