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

onner is chief executive officer, regarding the definitive terms of a license to Valeant for one of Meda's products.  

In addition, certain other of Valeant's nominees have worked with Valeant's directors in other contexts – including Mr. Costa's service on the OSI Pharmaceuticals, Inc. board with Valeant directors Robert Ingram and Kate Stevenson, and Mr. Costa's, fellow nominee John McArthur's and Mr. Ingram's concurrent service in various management and board roles at Glaxo.

Valeant has not fully addressed the potential financial and personal conflicts of interest that its nominees may have when considering a transaction with Valeant.  Cephalon shareholders have been given no assurances that Valeant's nominees will be free from conflict, or whether those nominees would be able to fully discharge their duties as directors in light of any such conflict.THIS IS ALL ABOUT VALUE FOR CEPHALON SHAREHOLDERS -- YOUR CURRENT BOARD IS BEST POSITIONED TO CONSIDER THE VALEANT NON-BINDING PROPOSAL AND TO MAXIMIZE VALUE FOR ALL CEPHALON SHAREHOLDERSCephalon's current Board of Directors, which is predominantly composed of independent and disinterested directors, and which has an independent Chairman, has a strong track record of acting in shareholders' best interests, including by successfully identifying, developing and commercializing strategic opportunities.  

Your current Board of Directors is intimately familiar with Cephalon's business, its day-to-day operations and its products and pipeline, and is in the best position to continue to review, develop and adapt the Company's plan to maximize value for all Cephalon shareholders. Your current Board of Directors is presently undertaking a review of all of the Company's alternatives and options – and is focused on maximizing Cephalon shareholder value. Your current Board of Directors, without any connection to or interest in Valeant, is best positioned to act in your best i
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SOURCE Cephalon, Inc.
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