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Endo International makes competing bid for Salix Pharmaceuticals

March 11, 2015, 5:58 PM UTC
J. Michael Pearson, Chairman of the board and Chief Executive Officer of Valeant Pharmaceuticals International Inc., speaks during their annual general meeting in Laval, Quebec
J. Michael Pearson, Chairman of the board and Chief Executive Officer of Valeant Pharmaceuticals International Inc., speaks during their annual general meeting in Laval, Quebec May 20, 2014. Canada's Valeant Pharmaceuticals International Inc said it will not make an all-cash bid for drugmaker Allergan Inc as many had expected last week when the company said it would improve its cash and stock offer for the Botox maker. REUTERS/Christinne Muschi (CANADA - Tags: BUSINESS HEALTH) - RTR3Q0U2
Photograph by Christinne Muschi — Reuters

Endo International has made a competing offer of between $170 and $175 per share for Salix Pharmaceuticals, the Wall Street Journal reported, citing sources.

Canada’s Valeant Pharmaceuticals International (VRX) agreed to buy bowel drug maker Salix in late February for about$10 billion, or $158 per share. Endo sent a private offer letter to Salix’s board on Wednesday, the Journal reported.

Shares of Salix Pharma rose 7% to $168.50 on the Journal’s report. Valeant, meanwhile, is down 4%, noted Street Insider.

Valeant spokeswoman Laurie Little said the company does not comment on market rumors. Salix and Endo were not immediately available for comment.

Fortune contributed to this report.