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ChemGenex Pharmaceuticals Ltd’s (ASX:CXS) suitor Cephalon Inc, has itself received an unsolicited $5.7 billion takeover bid from Canadian drugmaker Valeant Pharmaceuticals International.

Yesterday Cephalon launched a $231 million all-cash takeover offer for ChemGenex, sending the biopharmaceutical company’s shares soaring over 50 per cent, before retreating in today’s trade.

Cephalon’s shares have also risen following Valeant’s $73 per share bid, which represents a 24 percent premium over its last traded price.

At the end of last year Cephalon secured a 20 percent stake in Australian-listed stem cell developer Mesoblast (ASX:MSB).

ChemGenex's board has unanimously backed Cephalon’s latest offer for the company.

In the six months to 31 December 2010, ChemGenex Pharmaceuticals reported a net loss of $8.9 million.