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Valeant Pharmaceuticals Files Presentation for Cephalon Stockholders
Date:4/11/2011

MISSISSAUGA, Ontario, April 11, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today filed with the Securities and Exchange Commission a presentation in connection with its written consent solicitation to stockholders of Cephalon, Inc. (NASDAQ: CEPH) for removal of Cephalon's current Board of Directors and election of its seven nominees in their place.  

Valeant compares its $73.00 per share all-cash offer, which would deliver immediate and certain value to Cephalon stockholders, to the uncertainty of Cephalon's standalone plan, which relies on the successful commercialization of a risky pipeline portfolio.  Valeant reaffirms its position that it would be willing to increase its offer price modestly if Cephalon's Board of Directors would allow Valeant to conduct due diligence and the results of such due diligence support a higher offer.  However, given Cephalon's rejection of Valeant's offer and refusal to engage in discussions, completing a transaction may only be possible following the written consent solicitation with a new Board of Directors in place.

Valeant is concerned that Cephalon's stockholders are not receiving a balanced message from the current Cephalon Board of Directors regarding the company's status or Valeant's offer.

  • Cephalon's pipeline is risky and represents uncertain value.  Cephalon has not developed a major novel product through actual launch since the U.S. launch of Provigil in 1998, which had already been launched in France by another company in 1994.  All of Cephalon's other large drugs, including Actiq, Treanda, Nuvigil, Fentora and Amrix, were all either already marketed or based off of marketed products.  The current strategy of develop
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SOURCE Valeant Pharmaceuticals International, Inc.
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