Valeant (VRX) -5% after Teva (TEVA +0.9%) snags Cephalon (CEPH +4%) for $6.8B. Valeant had been...

|By:, SA News Editor

Valeant (VRX) -5% after Teva (TEVA +0.9%) snags Cephalon (CEPH +4%) for $6.8B. Valeant had been pursuing Cephalon as part of its bet that the drug industry’s traditional growth model - heavy R&D spending - is broken and needs to be replaced by acquisitions.