Cephalon CEO on indefinite medical leave

Biotechnology company Cephalon Inc. said Monday that chairman and CEO Frank Baldino Jr. will not be resuming his duties at the company in 2010 and will remain on a medical leave of absence indefinitely.

In August, the Frazer-based company said Baldino, who also is the company's founder, took a medical leave, but did not provide additional details.

J. Kevin Buchi, the company's chief operating officer, will continue to perform Baldino's day-to-day responsibilities pending his return.

In October, the company reported record earnings and raised its 2010 guidance.

Cephalon's best-selling drug is Provigil, used to treat narcolepsy.

Shares were trading at $65.66, up 17 cents, shortly after trading opened this morning.