Cephalon's

Mr. Pearson also said Cephalon's management has been spending the company's cash unwisely, including Cephalon's announcement this week of a deal to acquire ChemGenex Pharmaceuticals Ltd.

Valeant Will Move On if Cephalon Holders Prefer Independence Peter Loftus 2011

Cephalon's top-selling product, wakefulness drug Provigil, made up about 40% of the company's total sales last year of $2.8 billion, but it loses patent protection in 2012.

Cephalon May Be in Poor Position to Fend Off Valeant Bid Thomas Gryta 2011

Mr. Pearson said Cephalon was a good fit with Valeant because the companies share branded generic businesses in Europe and consolidation offers the opportunity to cut Cephalon's unnecessary spending, especially as it loses revenue from products losing patent protection.

Valeant Bids $5.7 Billion for Cephalon Anupreeta Das 2011

Mr. Pearson said he'd be willing to increase the offer "somewhat" if Valeant gets the chance to perform due diligence and sees further value, such as opportunities to reduce Cephalon's tax rate.

Valeant Bids $5.7 Billion for Cephalon Anupreeta Das 2011

Valeant's all-cash offer of $73 a share, disclosed Tuesday, represents a 24.5% premium to Cephalon's stock price of $58.75 as of Tuesday's market close.

Valeant Bids $5.7 Billion for Cephalon Anupreeta Das 2011

Cephalon said in a statement it would consider Valeant's hostile offer, and advised shareholders to wait for a response from Cephalon's board.

Valeant Bids $5.7 Billion for Cephalon Anupreeta Das 2011

He also said Valeant was willing to raise its offer slightly, if the company was allowed to peruse Cephalon's books, "which we believe would take only two to three weeks."

Valeant $5.7 Billion Bid Is Rejected by Cephalon Jonathan D. Rockoff 2011

"A transaction with Valeant at this time and at the price you proposed would mean forgoing the greater value obtainable from Cephalon's strategic plan, including the value inherent" in its product portfolio and pipeline of drugs under development, Cephalon Chief Executive J.

Valeant $5.7 Billion Bid Is Rejected by Cephalon Jonathan D. Rockoff 2011

Valeant also said it would seek to replace Cephalon's board.

Valeant Bids $5.7 Billion for Cephalon Anupreeta Das 2011

In a letter Tuesday to Cephalon's Mr. Buchi, Mr. Pearson said Cephalon has become a less attractive target for Valeant.

Valeant Bids $5.7 Billion for Cephalon Anupreeta Das 2011