Canada's Valeant Pharmaceuticals International Inc said its sweetened offer for drugmaker Allergan Inc would not be an all-cash bid as was expected.

Valeant, which plans to announce its improved offer on May 28, had launched a $47 billion unsolicited bid on April 22, along with activist investor William Ackman.

Valeant's current offer is worth $48.30 per share in cash and 0.83 of its share for each Allergan share.

(Reporting by Esha Dey in Bangalore; Editing by Savio D'Souza)