Valeant Pharmaceuticals International (VRX.TO), a Canadian drug maker for neurology, dermatology and branded generics, said on Tuesday it offered to buy U.S.-based drugmaker Cephalon (CEPH.O) in a $5.7 billion deal. Valeant said the unsolicited offer, worth $73 a share in cash, would likely be entirely debt financed. Valeant, based in Mississauga, Ontario, also said it would commence a consent solicitation process during the week of April 4 to replace Cephalon's current board of directors with its own nominees. Shares of Cephalon closed 2.05 percent higher at $58.75 on Nasdaq, prior to the deal being announced. (Reporting by Pav Jordan)
Source
