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Cephalon Acquires Controlling Interest in Arana Therapeutics
Date:5/20/2009

Cephalon now has a relevant interest in more than 50 percent of Arana shares

FRAZER, Pa., May 20 /PRNewswire-FirstCall/ -- Cephalon, Inc. (Nasdaq: CEPH) announced today that its wholly-owned subsidiary, Cephalon International Holdings, Inc., now has a relevant interest in 50.1 percent of Arana Therapeutics Limited's issued shares and has declared its Offer for the company free from all outstanding conditions.

As a result, under the previously announced accelerated payment terms, Arana shareholders who have already accepted the Offer will be sent their cash consideration within five business days, while those who accept after today's date will be sent their cash consideration within five business days after Cephalon receives their valid acceptance.

Cephalon Chairman and CEO, Frank Baldino Jr., Ph.D., said, "We are pleased to have achieved a controlling interest in Arana. The acquisition of Arana is an important part of our long-term strategy to expand our technology base. We look forward to advancing their pipeline in inflammatory diseases and cancer."

The Offer will remain open for acceptances until 7:00pm (Sydney time) on 1 June 2009, its scheduled close, unless extended.

Cephalon is offering A$1.40 per Arana Share. Under the terms of the Cephalon Offer, the amount of the Arana special dividend of 5 Australian cents per Arana share will be set off against the Offer price, meaning accepting Arana shareholders will receive cash consideration of A$1.35 per Arana share from Cephalon. If Cephalon obtains a relevant interest in 90% of Arana shares during the Offer period, accepting Arana shareholders will receive cash consideration of A$1.40 per Arana share from Cephalon.

About Arana Therapeutics Limited

Arana is a biopharmac
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SOURCE Cephalon, Inc.
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