Cephalon Inc (CEPH.O) on Tuesday rejected an unsolicited, $5.7 billion acquisition bid by Canada's Valeant Pharmaceuticals (VRX.TO)(VRX.N), and Valeant sought to replace the U.S. biopharmaceutical company's board of directors. Cephalon said Valeant's $73-a-share bid, which Valeant expects to finance entirely with debt, undervalued the company, as well as "its key assets and its prospects." "From the standpoint of the Cephalon shareholder, 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 our diversified and robust portfolio of marketed and pipeline products," Cephalon said in a letter to Valeant.
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