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Valeant's Bid For Cephalon: Will Opportunism Trump Innovation?

Executive Summary

Valeant Pharmaceutical International Inc.'s hostile bid for Cephalon Inc. has all the earmarks of a pharma battle of our times: it pits an R&D-adverse, opportunistic company against a specialty pharma company that is increasingly betting on mid-to-long term innovation.

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Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q1 2011

Biopharma companies raised $3.6 billion in Q1, with almost two-thirds coming from debt sales or follow-on public offerings. Seven of the 19 finalized mergers topped $500 million, but the biggest news was Valeant's attempt to takeover Cephalon. Lilly and BI signed the biggest deal of the quarter when they pooled their diabetes assets in an alliance worth $2.4 billion.

Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q1 2011

Biopharma companies raised $3.6 billion in Q1, with almost two-thirds coming from debt sales or follow-on public offerings. Seven of the 19 finalized mergers topped $500 million, but the biggest news was Valeant's attempt to takeover Cephalon. Lilly and BI signed the biggest deal of the quarter when they pooled their diabetes assets in an alliance worth $2.4 billion.

As Cephalon Rejects Valeant Bid, Valeant Officially Goes Hostile

Valeant's offer undervalues Cephalon, its assets and its prospects, and "ignores the proven ability" of its management to maximize opportunities, Cephalon's board says.

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