Valeant raises Salix bid, Endo retreats

Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX) raised its bid to acquire Salix Pharmaceuticals Ltd. (NASDAQ:SLXP) to $173 per share, or $11.4 billion in cash, while competing bidder Endo International plc (NASDAQ:ENDP; TSX:ENL) withdrew its offer.

Gastrointestinal company Salix had accepted Valeant's $158 per share buyout offer in February. Endo proposed to acquire Salix for $175 per share in cash and stock last week (see BioCentury Extra, March 11). ...