Valeant Pharmaceuticals International

Valeant increases Salix bid; Endo pulls out of bidding

Valeant raised its offer for Salix Pharmaceuticals Ltd. by more than $1 billion Monday, forcing rival bidder Endo International out of the running.

Canada's Valeant Pharmaceuticals International Inc. said it would pay $11.11 billion in cash, or $173 per share, a 2 percent premium over Friday's closing price. The companies put the deal's enterprise value at about $15.8 billion, including debt owed by Salix.

Landing Salix is somewhat of a redemption for Valeant, which was snubbed in its pursuit of Botox-maker Allergan last year. On Monday, Allergan said that its acquisition by Actavis, which like Endo is based in Ireland, has been approved by European regulators....

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