Endo Pulls Offer For Salix After Valeant Ups Bid

Drug maker Endo International Plc on Monday withdrew its offer for Salix Pharmaceuticals Ltd. after Valeant Pharmaceuticals International Inc. upped its bid for the company to $173 a share. Endo last week had started a bidding war with Valeant for Salix that was based on Endo's stock price. Valeant's new offer was slightly ahead of the $172.50-a-share deal Endo had been proposing. In a press statement, Endo said: "While we are disappointed with this outcome, we have been and will continue to be disciplined in our approach to potential acquisitions."