1
                                                                      EXHIBIT 99

                                                     Cephalon, Inc.
                                                     145 Brandywine Parkway
                                                     West Chester, PA 19380-4245
                                                     (610) 344-0200
                                                     Fax (610) 344-0065


Contact: Jason Rubin
(610) 344-0200

FOR IMMEDIATE RELEASE

           Cephalon Completes Recently-Announced Private Placement of
                            Senior Convertible Notes

         West Chester, PA -- April 8, 1997 -- Cephalon, Inc. (NASDAQ: CEPH)
announced today that it has completed its $30 million private placement of
senior convertible notes, under the terms of a previously-announced January
1997 agreement. The use of the proceeds are subject to certain restrictions. A
registration statement to register 1.43 million shares to cover the resale by
investors of the common stock issuable upon conversion of the convertible notes
has been declared effective by the Securities and Exchange Commission.

         Cephalon, Inc., headquartered in West Chester, PA, is an international
biopharmaceutical company that discovers, develops and markets products to treat
neurological disorders. The company is developing products for the treatment of
ALS, narcolepsy, peripheral neuropathies, Alzheimer's disease and stroke, and
currently copromotes two products in the United States for the treatment of
neurological conditions.

         This news release may contain forward-looking statements that involve
risks and uncertainties. A full discussion of Cephalon's operations and
financial condition, including factors that may affect the company's business
and future prospects, is contained in documents the company files with the SEC,
such as form 10-Q and 10-K reports. These documents identify important factors
that could cause the company's actual performance to differ from current
expectations.

                                     * * * *