Cephalon completes Ception purchase

Cephalon Inc., Frazer, said it completed its $250 million acquisition of Ception Therapeutics Inc. in Malvern.

Cephalon had acquired an option to buy Ception in January 2009.

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. Cephalon chose to exercise its option after reviewing data from a Phase 2 study of Cinquil.

"We are fortunate to have the opportunity to advance Cinquil ... into Phase 3 studies," Cephalon chairman and chief executive Frank Baldino Jr. said in a statement released by the company after markets closed Monday.

Cephalon shares were down 29 cents, to $67.10 in midday trading Tuesday.    - Inquirer staff