ERROR 1
ERROR 1
ERROR 2
ERROR 2
ERROR 2
ERROR 2
ERROR 2
Password and Confirm password must match.
If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)
ERROR 2
ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.
Canada’s Valeant Pharmaceuticals has made a hostile takeover offer, worth about $5.7 billion, for the Pennsylvania-based biopharmaceutical company Cephalon. The offer came while Cephalon was making its own $163 million bid to buy the Australian biotech firm ChemGenex and about a week after Cephalon agreed to acquire Canada’s Gemin X Pharmaceuticals for $525 million, deals Valeant is critical of. Valeant says it has approached Cephalon’s management and board many times, only to be “disappointed by Cephalon’s unwillingness to engage in discussions in a timely manner.” Cephalon confirms receiving three offers from Valeant in recent weeks. Two were to buy the entire company, and a third offered to buy Cephalon’s non-oncology products for $2.8 billion, letting Cephalon keep its development pipeline. Cephalon’s board plans to meet to consider the proposals this week. Valeant, which has bought several specialty pharmaceutical firms in the past few years, is known for selling off or licensing R&D projects. “We value marketed products, not pipeline assets,” CEO J. Michael Pearson said in a conference call with analysts. “We do not bet on science but on management.”
Join the conversation
Contact the reporter
Submit a Letter to the Editor for publication
Engage with us on X