Teva and Cephalon Receive European Commission Approval For Acquisition

Teva Pharmaceutical Industries Ltd.

and Cephalon Inc.

announced today that they received approval from the European Commission to proceed with Teva's acquisition of Cephalon. In connection with this approval, Teva is required to divest Cephalon's marketing authorization of generic modafinil in France and grant to the purchaser of this marketing authorization certain additional rights with respect to the entire European Economic Area, including a covenant not to sue effective as of October 2012. With this approval, the parties have now obtained all regulatory approvals required to close the transaction and, accordingly, have scheduled a closing date of October 14, 2011.