Valeant Wins Battle for Salix Pharmaceuticals

Valeant Pharmaceuticals increased its takeover offer for Salix Pharmaceuticals to $10.96 billion in cash, eliminating Endo International, the only other bidder. Salix has agreed to Valeant's new offer of $173 per share in cash, up from the bid of $158 per share in cash that Valeant made in February, the two companies said in a joint statement.

Endo's bid for Salix, valued at $175 a share, or about $11.2 billion, 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. Ireland-based Endo said in a statement that it was withdrawing its bid and has other potential deals and research and development on which to focus.

Salix makes drugs to treat stomach disorders, a fast-growing area of specialty pharmaceuticals.