Valeant Pharmaceuticals has pumped more cash into its bid for Botox maker Allergan, and it also defended its business model on Wednesday, a day after its reluctant acquisition target aired more concerns about a deal.
The Canadian drugmaker said it will now offer $58.30 and a portion of its stock for each Allergan share. The revised bid could be worth more than $50 billion, based on Tuesday’s closing price for U.S.-traded shares of Valeant. But it still may not be enough to get Allergan to the negotiating table, analysts say.
Valeant Pharmaceuticals International Inc. also threw in a contingent value right worth up to $25 per share and based on future sales of a potential eye treatment.
Valeant raised the cash portion of its offer by $10 from a previous bid of $48.30 per share. That was part of an unsolicited offer rejected by Allergan that was worth nearly $46 billion when Valeant announced it last month.