Valeant Pharmaceuticals International Inc said it increased its offer for Salix Pharmaceuticals Inc to $10.96 billion in cash, topping Endo International Plc's bid of $10.93 billion in cash and stock for the bowel drug maker.Salix has agreed to Valeant's new offer of $173 in cash, which is higher than its previous bid of $158 per share in cash made late last month, the two companies said in a joint statement on Monday.Endo on Wednesday offered to purchase Salix in a deal that was worth about $175 per share in cash and stock. As of Friday's close, Endo's offer was worth $172.56 per share.Salix shares rose 2.7 percent to $174 in premarket trading on Monday, while Valeant's U.S.-listed shares rose 1.2 percent to $199.80.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX remained unchanged at $197.43. In the past year, the shares have traded as low as $106.00 and as high as $206.84. On average, 3111320 shares of VRX exchange hands on a given day and today's volume is recorded at 1816.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 3.25% or $7.95/share to $252.29. In the past year, the shares have traded as low as $116.01 and as high as $263.91. On average, 417685 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 408224.
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