Valeant will sweeten $46B Allergan bid

Valeant Pharmaceuticals says it will upgrade its unsolicited bid to buy specialty drugmaker Allergan for nearly $46 billion, and it wants to tell Allergan shareholders why it offers the better deal.

The Canadian drugmaker says it will host a webcast later this month to explain why the cash-and-stock offer it announced last month is better than Allergan's plan to continue running as a stand-alone company. Valent says it will improve its offer to show its commitment to getting a deal done.

Valeant Pharmaceuticals International Inc. has offered to exchange each Allergan share for $48.30 in cash and a portion of Valeant's stock.

Botox maker Allergan has rejected that bid, saying it undervalues the company, and it would pose a significant risk to its growth prospects.