Valeant Pharmaceuticals (VRX) Slammed After Losing Cephalon (CEPH) Bidding
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Valeant Pharmaceuticals International, Inc. (NYSE: VRX) is sharply lower after losing out on the bidding for Cephalon, Inc. (NASDAQ: CEPH).
This morning, Cephalon announced a definitive agreement to be acquired by Teva (Nasdaq: TEVA) for $81.50 per share in cash, or $6.8 billion.
Shares of Valeant last traded at $48.10, down 8.6 percent. Valeant has seen its shares rise from $44.39 since launching the bid for Cephalon in late March.
This morning, Cephalon announced a definitive agreement to be acquired by Teva (Nasdaq: TEVA) for $81.50 per share in cash, or $6.8 billion.
Shares of Valeant last traded at $48.10, down 8.6 percent. Valeant has seen its shares rise from $44.39 since launching the bid for Cephalon in late March.
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