Canadian drugmaker Valeant Pharmaceuticals International (VRX.N)(VRX.TO) said it made an unsolicited $5.7 billion bid to buy Cephalon Inc (CEPH.O) and plans to make its case directly to Cephalon shareholders. Valeant, formed when Canada's Biovail bought U.S.-based Valeant in September for $3.3 billion and took its name, said it planned to propose a slate of directors to replace Cephalon's board with its own nominees. The $73-a-share bid, which Valeant expects to finance entirely with debt, represents a 24 percent premium over Cephalon's closing share price of $58.75 on Tuesday, and about a 29 percent premium over the U.S. drugmaker's 30-day trading average.
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