Cephalon Commences Offer for Convertible Subordinated Note

Cephalon announced that it has commenced a cash tender offer for all of its outstanding 2-1/2 percent Convertible Subordinated Notes Due December 2006. The tender offer will expire at 5:00 p.m. New York City Time on July 11, 2005, unless extended. The tender offer, which is described fully in the offer to purchase and the related letter of transmittal, is not subject to the receipt of any minimum amount of tenders.

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