Valeant raises offer for Salix Pharma to $173 per share

Mon Mar 16, 2015 8:13am EDT
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March 16 (Reuters) - Valeant Pharmaceuticals International Inc said it increased its offer for Salix Pharmaceuticals Inc to $173 per share, hoping to end a bidding war with Endo International Plc for the bowel drug maker.

Valeant agreed to buy Salix last month for $158 per share in cash. Endo then offered about $175 per share in cash and stock for Salix last week.

Valeant's new offer provides Salix stockholders with an about $1 billion more in cash, Valeant said on Monday. (Reporting by Ankur Banerjee in Bengaluru; Editing by Savio D'Souza)