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Sullivan & Cromwell Reps Valeant In $5.7B Cephalon Bid

Law360 (March 29, 2011, 9:16 PM EDT) -- Valeant Pharmaceuticals International Inc. on Tuesday announced a $5.7 billion bid to buy Cephalon Inc., making a public appeal to the biopharmaceutical company's shareholders.

Neurology and dermatology pharmaceutical developer Valeant offered $73 for each share in cash — nearly 30 percent more than Cephalon's 30-day trading average. Valeant also plans to run a slate of its own nominees to Cephalon's board of directors.

“We have taken a close look at Cephalon's business and believe we put forward a very compelling offer for Cephalon's stockholders,” Valeant CEO...
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