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Cephalon Launches Takeover Offer for Australian Biotechnology Company, Arana Therapeutics
Date:2/26/2009

Arana Independent Directors Recommends Shareholders Accept the A$318 Million Offer, in the Absence of a Superior Proposal

Australian Biotechnology Company Offers Strong Technology Platform and Phase II Antibody in Development for Inflammatory Diseases

FRAZER, Pa., Feb. 27 /PRNewswire-FirstCall/ -- Cephalon, Inc. (Nasdaq: CEPH) today announced that its wholly-owned subsidiary, Cephalon International Holdings, Inc., intends to make a takeover offer for Arana Therapeutics Limited (ASX: AAH). Arana has a pipeline of biologic compounds for inflammatory diseases and cancer at various stages of discovery and development.

The offer has the support of the Arana independent directors and will be recommended to Arana shareholders in the absence of a superior proposal.

Under its bid, Cephalon intends to offer A$1.40 cash for each Arana ordinary share cum dividends and other rights. The total offer value is approximately A$318 million (US$207 million). The offer price represents a 70 percent premium to Arana's 90-day volume weighted average price and a 69 percent premium to the closing price on February 25, 2009, the last trading day prior to this announcement.

If Cephalon obtains a relevant interest in 90 percent of Arana shares and the offer conditions are satisfied or waived, Cephalon will increase its offer price by 5 Australian cents per share. This offer price increase will be payable to all shareholders no matter when their acceptances are received. In these circumstances accepting Arana shareholders will receive A$1.45 per share.

Cephalon intends to fund the offer price using a portion of its existing cash balance.

"Cephalon is offering Arana shareholders the opportunity to de-risk their investme
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SOURCE Cephalon, Inc.
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