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

f its business or property;

(G) any member of the Arana Group charges, or agrees to charge, the whole, or a substantial part, of its business or property;

(H) any member of the Arana Group resolves to be wound up;

(I) a liquidator or provisional liquidator is appointed to any member of the Arana Group;

(J) a court makes an order for the winding up of any member of the Arana Group;

(K) an administrator is appointed to any member of the Arana Group under section 436A, 436B or 436C of the Corporations Act;

(L) any member of the Arana Group executes a deed of company arrangement; or

(M) a receiver, or a receiver and manager, is appointed in relation to the whole, or a substantial part, of the property of any member of the Arana Group.

(ii) During the Condition Period:

(A) none of the events listed in Condition (d)(i) happens;

(B) Arana does not make any issue of rights or other securities convertible into Arana Shares;

(C) Arana does not declare or pay any dividend or other distribution;

(D) no subsidiary of Arana undertakes a transaction similar to any of those referred to in Condition (d)(i) under the law of its place of incorporation;

(E) no administrator, or person performing a function similar to an administrator appointed under section 436A, 436B or 436C of the Corporations Act, is appointed in respect of a subsidiary of Arana under a provision equivalent to any of those sections of the Corporations Act under the law of the place of incorporation of the subsidiary;

(F) no subsidiary of Arana enters into an arrangement similar to that referred to in Condition (d)(i)(L), or any other composition with creditors, under the law of the place of incorporation of the subsidiary; and

(G) no a
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SOURCE Cephalon, Inc.
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