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Cephalon Recommends Shareholders Reject Valeant Nominees
Date:4/7/2011

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  • The Valeant Nominees May Not Be in a Position to Best Serve Cephalon Shareholders' Interests.  While Valeant has described its proposed slate of directors as "independent", Cephalon's Board of Directors believes that Valeant's nominees have been selected by Valeant simply to facilitate the acquisition of Cephalon by Valeant on terms that are as favorable to Valeant as possible.  There is no guarantee that the Valeant Nominees will vigorously negotiate with Valeant on behalf of Cephalon's shareholders.
  • The Valeant Nominees, if Elected, May Have Conflicts of Interest in Any Dealings With Valeant.  Notably, three of the seven Valeant nominees served on Valeant's Board of Directors prior to its September 2010 merger with Biovail Corporation.  At the time of the merger, each of Messrs. Koppes, Kugelman and Lonner owned securities that were converted into shares of common stock of Valeant.  Valeant also agreed to indemnify each of Messrs. Koppes, Kugelman and Lonner for actions arising prior to the merger.  Valeant has not addressed the potential financial and personal conflicts of interest that each of Messrs. Koppes, Kugelman and Lonner could have in respect of Valeant, and which could potentially impact their views in respect of any sale of Cephalon to Valeant.

    • Kevin Buchi, Cephalon's Chief Executive Officer, said, "Shareholders should have serious concerns about replacing their elected Board of Directors, who have an intimate knowledge of Cephalon's business, products and pipeline and a strong track record of acting in the best interests of shareholders, with a slate of nominees selected by Valeant to further Valeant's proposed acquisition of the Company.

    He added, "The Cephalon Board of Directors is best positioned to maximize value for Cephalon's shareholders, and we take this responsibility very seriously."  

    On April 5th, Valeant filed a preliminary consen
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    SOURCE Cephalon, Inc.
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