Ontario-based Valeant Pharmaceuticals International is seeking to acquire drug maker, Cephalon, for nearly $5.7 billion, The Wall Street Journal reports. Valeant has approached Cephalon many times but the company has been unwilling to engage in timely discussions.

The company’s $73-per-share all-cash offer represented a 29% premium over Cephalon’s 30-day trading average. Valeant, which specializes in neurology and dermatology medicines, expects the transaction to be entirely financed by debt. Goldman Sachs has provided Valeant a highly confident letter for the full amount of the financing.

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