Endo International makes competing bid for Salix Pharmaceuticals
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.