Cephalon to buy Malvern pharma firm

Cephalon Inc. has agreed to buy Ception Therapeutics Inc. in Malvern for $250 million.

Cephalon, of Frazier, acquired an option to buy Ception a year ago for $100 million. Ception, formed in 2004, developed an experimental anti-inflammation drug called Cinquil, which it licensed from Schering-Plough. Cinquil treats a severe form of asthma.

After reviewing data from a Phase 2 study of Cinquil, Cephalon chose to exercise its option. Cinquil still needs to undergo late-stage Phase 3 testing in a larger patient population before the companies can seek FDA approval.

Cephalon was priced at $67.99, up 59 cents, early this afternoon in Nasdaq trading.

   - Mike Armstrong