U.S.-based Cephalon has rejected Canadian-based Valeant Pharmaceuticals International's takeover bid, saying that the $5.7 billion offer, or $73.00 per share, is not in the best interests of shareholders, according to Pharma Times.

Cephalon states they have "one of the broadest pipelines in the industry, with 10 late-stage product candidates targeted at novel and 'best-in-class' therapeutics." This includes six indications "with blockbuster potential which are projected to begin launching in the next three years" and these programs "represent tremendous value that is not reflected in Valeant's current proposal."

Valeant chief executive Michael Pearson responded by saying that "while we are disappointed with the response from Cephalon's board, we remain committed to our process." This includes "trying to find a modest amount of additional value if Cephalon engages with us and allows us to conduct due diligence, which we believe would take only 2-3 weeks."

Pearson also claimed to have received "positive feedback from many of the largest stockholders of Cephalon" and "we stand ready to quickly commence and close our transaction as proposed, unless Cephalon stockholders do not support our offer, in which case we will focus our attention on other opportunities to invest our capital."