Valeant has escalated its bid for Salix Pharmaceuticals, raising its offer to about $11.1 billion in cash. The Canadian drugmaker now says it will pay $173 a share for the maker of gastrointestinal drugs, following last week’s offer from Ireland’s Endo International of $172.50 a share in cash and stock. Endo subsequently withdrew its bid. The amended agreement also includes a $100 million increase in the termination fee Salix would owe Valeant for abandoning the deal. Valeant said its offer will drop back down to $158 a share if all of the conditions to the tender offer have not been made by April 8. Valeant chief executive J. Michael Pearson said the company is ‘committed to getting this deal done.’
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