Teva Pharmaceutical Industries Ltd. and biopharmaceutical company Cephalon on Monday announced that their boards of directors have unanimously approved an agreement by which Teva will acquire all of Cephalon's shares for $81.50 per share in cash, or a total value of $6.8 billion. This is a 5% premium on Cephalon's closing share price on Nasdaq on Friday.The transaction is not conditional on financing and is expected to be completed in the third quarter of 2011.Cephalon had revenue of $2.76 billion and net profit of $657 million in 2010 mainly from brand drugs treating cancer, central nervous system disorders and pain. The company has a market cap of $5.8 billion and based in Pennsylvania has 3,726 employees in its various facilities.Teva's share price was up 2.25% on the TASE at NIS 159.20 after news of the acquisition was released this afternoon. The share price closed down 0.9% at $45.73 on Nasdaq yesterday, giving a market cap of $43 billion.Teva says that the transaction serves its long term strategy of developing its branded and specialty pharmaceuticals business through diversification and expansion of the company’s product portfolio and pipeline. "The enlarged company will utilize its complementary commercial, R&D and operational capabilities and capture value by providing customers with a broad spectrum of specialty branded products," the announcement said..