Canada’s Valeant Pharmaceuticals International has raised its bid to acquire Salix Pharmaceuticals for about US$11.1 billion ($14.2 billion).
It’s now offering US$173 per share in cash, up from an earlier bid of US$158 a share.
Read: Valeant to purchase Salix
“We continue to be very excited about the combination of our two companies, and we are committed to getting this deal done,” said J. Michael Pearson, chairman and CEO of Valeant.
“We are pleased that the enhanced offer price recognizes the value of Salix as the leading gastrointestinal specialty pharmaceutical company and delivers to our stockholders all cash consideration in the near future,” says Salix chairman and acting CEO Thomas W. D’Alonzo.
Dublin-based Endo International, which made an unsolicited takeover offer for Salix less than a week ago, withdrew its bid on Monday morning.
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