Valeant 'committed' To Salix Deal Despite Endo Offer

Valeant Pharmaceuticals Inc. said late Wednesday it remains "firmly committed" to its $158-a-share offer for Salix Pharmaceuticals Ltd. despite a higher, $175-a-share bid from Endo International for Salix. In a press release delivered after the market close, Valeant said its offer "delivers immediate and certain value to Salix shareholders." Valeant's offer expires March 31, and the company said it expects to close the deal the next day. On top of its $175 a share, Endo would have to fork over a breakup fee worth roughly $356 million. Salix shares climbed nearly $11 by the close to $168.61, a gain of nearly 7%. Valeant ended the day down nearly 4% to $193.71 while Endo lost 1.4% to $87.76.