Endo International offers $11.7 billion for fellow drugmaker Salix, seeks to top Valeant's bid

Endo International is trying to lure fellow drugmaker Salix Pharmaceuticals with an offer Endo says is worth 11 percent more than the $10 billion Salix has agreed to accept from serial acquirer Valeant Pharmaceuticals.

Endo values its cash and stock offer at $175 per Salix share, based on Tuesday's closing price. Valeant had offered $158 per share in January.

Endo, based in Ireland, says it's submitted its proposal to the Salix board of directors.

According to Endo, its "superior proposal" worth roughly $11.7 billion would bring shareholders of Raleigh, North Carolina-based Salix a "substantial premium and immediate cash value, as well as the opportunity to participate in the significant upside potential of a global leader in specialty pharmaceuticals."

Endo said the deal could close in the second quarter this year.