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Valeant Pharmaceuticals Proposes to Acquire Cephalon, Inc. for $73 Per Share in Cash
Date:3/29/2011

specialty pharmaceutical companies. We have built strong relationships with both equity and debt investors, who continue to support Valeant's growth plan.  We firmly believe that Valeant is a unique partner, which allows us to value Cephalon at a higher level than would other companies.      

Financial Terms

Valeant is pleased to propose the acquisition of 100% of the issued fully diluted common shares of the Company for $73.00 per share in cash.

The offer represents a premium of 33% to the closing price of the Company's common shares on March 17, 2011 and higher than Cephalon's shares have traded in over two years.  This represents a significant premium to the current share price and substantially all of the equity research analysts' target prices that have been updated to reflect recent developments.  We believe our offer price is compelling in light of ongoing challenges facing Cephalon and the general challenges facing the broader pharmaceutical industry, and we are convinced that your shareholders would find it extremely attractive.  

Transaction Process and Timing

Valeant has completed a detailed review of publicly available information relating to the Company.  We believe our additional confirmatory due diligence requirements could be completed quickly, likely in less than a month.  While we believe our offer fully values Cephalon, including the cost of your convertible securities and call spread overlay, we would consider revising our price higher if we find additional value in due diligence.  We look forward to discussing your business with you in more detail.  

Consummation of a transaction would require negotiation and execution of a definitive merger agreement, as well as other customary agreements for a transaction of this nature.  We are prepared to provide draft agreements promptly and anticipate that definitive agreements can be negoti
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SOURCE Valeant Pharmaceuticals International, Inc.
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