Reginal Thomas
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Valeant plans to raise offer for Salix

Valeant Pharmaceuticals International Inc. will raise its bid for Salix Pharmaceuticals Ltd to over $160 per share, according to a source close with the matter. Valeant is looking to end a bidding war with Endo International Plc.

Last month Valeant, agreed to acquire Salix for $158 per share or $10 billion, is looking to join Pershing Square Capital Management and other shareholders to raise its bid.

Endo International offered to buy Salix for $175 per share or $11 billion in cash and stock earlier this week.