US-based pharmaceutical firm Valeant has launched a $5.7bn hostile approach to acquire biotechnology firm Cephalon.
The deal is priced at $73 per share, representing a 29% premium, and has been undertaken following Cephalon's management refusing to engage in takeover discussions.
Cephalon announced that it had initially received an unsolicited offer of $73 per share on 18 March. Valeant repeated the offer a week later, adding a proposal to solely acquire Cephalon's assets unrelated to oncology for $2.8bn.
The company further announced that its board would consider the offers and respond during the first week of April.
Cephalon has previously been linked with acquisitions of their own, having been linked with a takeover bid for Australian biopharmaceutical firm ChemGenex.