Endo International Wednesday said it offered $11.25 billion to acquire Salix Pharmaceuticals in a deal that would quash a rival bid from Valeant Pharmaceuticals International.
Endo, which is based in Ireland, submitted a bid of $175 per share to the Salix board, according to an Endo statement.
Endo said its offer is "superior" to the $158 per share Valeant-Salix deal announced February 22.
"Endo believes that its cash and stock proposal would provide Salix shareholders with a substantial premium and immediate cash value, as well as the opportunity to participate in the significant upside potential of a global leader in specialty pharmaceuticals," the company said.
Salix specializes in medications treating gastrointestinal maladies, such as Xifaxan and Uceris.
Endo produces specialty and generic medicines and medical devices.
Shares of Salix were up 6.5 percent at $167.82 before trade was halted.
In afternoon trade, Endo dropped 2.0 percent to $87.25, while Valeant fell 3.4 percent to $194.63.