Cephalon Has A $5.7 Billion Offer

The biotech company's stock shoots higher with news of big deal

Canadian pharmaceutical company Valeant has offered to buy a piece of Cephalon, the Frazer-based biotech company started by Frank Baldino, for $5.7 billion. [Business Journal] Word is Valeant might pay even more and, as of noon today, Cephalon’s stock price was up 30 percent. That’s about double what Tastykake’s stock plummeted as of Monday.