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Rowane likes the $73-per-share offer. "It's a fair valuation as of today's market," he said. He said he sees the possibility of either Valeant boosting its offer or anotherBuy nike running shoes online, company stepping in to bid for Cephalon at a higher price. A Cephalon spokeswoman said the company is "acting promptly" in regard to Valeant's proposal. "It would be inadvisable and not in the best interest of our shareholders to be pressured into making a decision of this magnitude under such an artificially aggressive timeline," she said, referring to Valeant's previous demands for a response to the offer. Although Cephalon may have protections--what is known as a poison pill that could block a hostile offer--they may be irrelevant if shareholders push for a deal or if Valeant is successful in its plan to oust the company's board. "We would not expect Valeant toBuy nike running shoes online, encounter a lot of resistance from CEPH shareholders given the uncertainties Cephalon faces," Cowen & Co. analyst Eric Schmidt said in a note to clients Wednesday. Valeant Chief Executive J. Michael Pearson highlighted concerns Wednesday that Cephalon hasn't done enough to offset the looming pressures to its business, despite having years to plan. "Whether they want to admit it or not, they face a huge restructuring. We're very good at restructuring," Pearson said during a conference call. Cephalon shares closed up 28% to $75.44, above the cash offer of $73 a share. Shares of Valeant rose 13% to $50.08, after hitting their highest level since 2003 earlier Wednesday. Cephalon's top-selling product, wakefulness drug Provigil, made up about 40% of the company's total sales last year of $2.8 billion, but it loses patent protection in 2012. A similar follow-up drug called Nuvigil, launched in mid-2009, had sales of $186.2 million last year. J.P. Morgan recently reported that Nuvigil has about 42% of the total prescriptions for the combined franchise, but some analysts expect sales to drop after a generic version of Provigil is available.Buy nike running shoes online, Cephalon has been aggressive in making acquisitions and signing partnerships to diversify its business into areas such as cancer therapies and generic drugs in recent years. Its pain-treatment business and cancer division had combined sales of about $1 billion last year.