GAIN (LOSS) ON INVESTMENTS, NET

6 Months Ended

Jun. 30, 2011

GAIN (LOSS) ON INVESTMENTS, NET

GAIN (LOSS) ON INVESTMENTS, NET

15.   GAIN (LOSS) ON INVESTMENTS, NET

• In March 2011, in connection with an offer to acquire Cephalon, Inc. ("Cephalon"), the Company had invested $60.0 million to acquire 1,034,908 shares of common stock of Cephalon, which represented 1.366% of the issued and outstanding common stock of Cephalon as of March 14, 2011. On May 2, 2011, Cephalon announced that it had agreed to be acquired by Teva Pharmaceutical Industries Inc. and, consequently, the Company disposed of its entire equity investment in Cephalon for net proceeds of $81.3 million, which resulted in a net realized gain of $21.3 million recognized in earnings in the three-month period ended June 30, 2011.