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.
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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.