Endo International has swooped in with an offer for Salix Pharmaceuticals of around $11 billion, overshooting Valeant’s $10.4-billion-bid.
Endo has confirmed that it is proposing to snap up Salix in a cash and stock deal valuing the firm at $175 per share, while Valeant’s deal is based on $158 a share.
If its bid is successful, Endo says the transaction could close in the second quarter, and that it is confident of obtaining any regulatory and shareholder approvals.
Salix houses a portfolio of 22 drugs, including the antibiotic Xifaxan (rifaximin), the opioid-induced constipation treatment Relistor (methylnaltrexone) and Apriso (mesalamine) for ulcerative colitis.
In an emailed statement to PharmaTimes Digital, a spokesperson for Valeant confirmed that the group remains "firmly committed to our all-cash agreed transaction, which delivers immediate and certain value to Salix shareholders".