By LIZ HOFFMAN
Valeant Pharmaceuticals International Inc. raised the takeover price for Salix Pharmaceuticals Ltd. by about a billion dollars in a new deal that knocked out rival bidderEndo International PLC.
Valeant increased its per-share payment to $173 a share, or about $11.1 billion in total, up $15 from the $158 price Salix agreed to take from the drug company in February. The higher, all-cash price prompted Endo to withdraw its rival cash-and-stock bid, valued at $172.56 a share Friday.
Endo’s bid for Salix, valued at $175 a share, or about $11.2 billion, when it was made on Wednesday, had been seen as taking longer to close and facing more uncertainty as it required a vote of Endo’s shareholders. No such approval is required from Valeant shareholders.
Endo said in a news release that it has a “robust deal pipeline,” indicating it may have other potential acquisitions in mind.
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