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Cephalon Files Definitive Consent Revocation Statement, Commences Mailing to Shareholders
Date:4/21/2011

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  • Additionally, Valeant's stated 24% premium to Cephalon's closing price as of March 29, 2011 is significantly below the 59% 30-day and 48% 1-day median acquisition premium for U.S. life-science acquisitions since 2006.  Valeant's 0.4% premium to Cephalon's 52-week high between March 29, 2010 and March 29, 2011 of $72.87, is also far below the median 20% premium to 52-week highs of U.S. life-science acquisitions since 2006.(1)

  • As a Bloomberg article recently noted, "The $73 a share bid valued the transaction at $5.46 billion including net debt, data compiled by Bloomberg show. At that price, the deal is 5.3 times Cephalon's trailing EBITDA of $1.04 billion last year, the data show. That's 65 percent lower than the median 15.1 times for all drug takeovers over $1 billion."(2)

    Cephalon has created a broad pipeline, with 10 late-stage product candidates targeted at novel and "best-in-class" therapeutics.(3)  Your Board and management team have a proven history of developing late-stage compounds such as PROVIGIL, NUVIGIL, FENTORA and TREANDA, among others.  Your Board believes these programs represent significant value that is not reflected in Valeant's $73 per share proposal, but which Valeant would seek to capture for itself either on its own or through transactions with third parties.

    As Valeant's CEO has publicly stated, Valeant is estimating synergies of $300 million in the proposed transaction with Cephalon.  In Valeant's 2010 merger with Biovail, Valeant initially announced $175 million of synergies but ultimately identified synergies in excess of $300 million, or almost double its estimate.  If this pattern holds true, Valeant's synergies in a Cephalon transaction could greatly exceed Valeant's predictions.  These incremental synergies are indicative of the value that Valeant would like to keep fully for its shareholders by paying an inadequate price to Cephalon shareholders.

    Valeant is also impo
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    SOURCE Cephalon, Inc.
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