Proxy advisory firm Glass Lewis recommended on Friday that Cephalon (CEPH.O) shareholders oppose an attempt by Canada's Valeant Pharmaceuticals (VRX.TO) to replace the U.S. drugmaker's board of directors. The board change is required to get rid of Cephalon's poison pill, a measure designed to block unwelcome takeovers. Glass Lewis said the current board was in the best position to determine strategic alternatives for Cephalon, including Valeant's hostile takeover offer of $5.7 billion, or $73 a share, which was made public on March 29. "We find that the incumbent directors have acted appropriately with respect to Valeant's approach and we find no reason to believe that the directors are conflicted with respect to the review process," the advisory firm said in its report.
Cephalon, Inc. is a global biopharmaceutical company dedicated to discovering, developing and bringing to market medications to improve the quality of life of individuals around the world. Shares of CEPH traded higher by 0.51% or $0.39/share to $77.02. In the past year, the shares have traded as low as $54.15 and as high as $77.59. On average, 2796530 shares of CEPH exchange hands on a given day and today's volume is recorded at 2114918.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 0.13% or $0.07/share to $52.63. In the past year, the shares have traded as low as $13.67 and as high as $55.00. On average, 2715770 shares of VRX exchange hands on a given day and today's volume is recorded at 1949579.
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