Deals
Cephalon Accused by Fund of Failing to Weigh Valeant Buyout Bid
This article is for subscribers only.
Cephalon Inc. officials were accused in a lawsuit by a Pennsylvania pension fund of “failing to act” in the best interests of investors regarding a $5.7 billion buyout bid by rival Valeant Pharmaceuticals International Inc.
Cephalon, a maker of sleep and pain drugs, said yesterday that it will consider the bid next week. In its complaint, the pension fund claimed the company has been shortchanging shareholders by not considering the $73-a-share hostile offer.