Cephalon Climbs Above Valeant Takeover Bid of $73 a Share

Cephalon Inc. surged 28 percent to $75.44 in Nasdaq trading, its biggest gain in almost 16 years and higher than a hostile takeover bid from Valeant Pharmaceuticals International Inc., Canada’s largest drugmaker.

Valeant made its cash offer of about $5.7 billion, or $73 a share, public last night after its private approaches were rejected, the company said. The bid for Cephalon, the Frazer, Pennsylvania-based maker of sleep and pain drugs, presents a 24 percent premium to yesterday’s closing price of $58.75.