SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2011

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

19.  SUBSEQUENT EVENTS

Cephalon Shareholder Approval of Teva Transaction

On July 14, 2011, our stockholders voted to approve the Teva Pharmaceutical Industries Ltd. proposal to acquire Cephalon for $81.50 per share in cash, or a total enterprise value of approximately $6.8 billion.  The transaction remains under review by the U.S. Federal Trade Commission and the European Commission. Cephalon and Teva continue to operate as two independent companies pending those clearances.