Cephalon rejects Valeant takeover offer By: MarketWatch April 06, 2011 at 11:30 AM EDT Biotech firm’s board says Valeant’s $73-a-share offer is “inadequate” and “opportunistic,” while the suitor takes its fight direct to Cephalon shareholders. Read More >> Related Stocks: Macy's Valeant Pharmaceuticals International, Inc.