NEW YORK (AP) – Valeant raised its buying price for Salix Pharmaceuticals by more than $1 billion Monday, forcing rival bidder Endo International out of the running.
The Canadian drugmaker 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.
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.
Valeant is looking to grow and in 2013, it acquired the contact lens-maker Bausch + Lomb for $8.7 billion.
“We are committed to getting this deal done,” Valeant Chairman and CEO J. Michael Pearson said in a printed statement.