Valeant faces a fight after Cephalon rejects offer

Cephalon isn't going to be an easy mark for would-be buyer Valeant Pharmaceuticals. Despite perceived weakness in the wake of its founder's death, Cephalon is rejecting Valeant's $73-per-share bid as "opportunistic" and much too cheap. So, Valeant chief J. Michael Pearson has a fight on his hands. Report