Valeant Raises Offer for Salix

Valeant Pharmaceuticals has announced an increase to its offer price to acquire Salix Pharmaceuticals from $158 per share to $173 per share in cash ($11.1 billion total), reports say today.

The revised bid is said to provide around an additional $1 billion in cash to Salix stockholders and represents an increase of about 9.5 percent over the original agreement.

Endo has since announced that it is withdrawing its rival proposal to acquire Salix (at $175 per share/ $45 in cash for each share of Salix).