Valeant raises cash-stock offer for Allergan

Valeant Pharmaceuticals (VRX) is adding more cash to its offer to buy Botox maker Allergan (AGN) in a bid that could now be worth more than $49 billion.

The Canadian drugmaker says it will now offer $58.30 and a portion of its stock for each Allergan share. It also promises a contingent value right shareholder payment based on future sales of a potential eye treatment.

The cash portion of that offer is up $10 from its previous bid of $48.30 per share, which Allergan Inc. rejected. That was part of an offer worth nearly $46 billion.

The new bid is worth about $49.5 billion, based on Tuesday's closing price of $129.95 for Valeant Pharmaceuticals International Inc. shares and not counting the potential contingent value right payment.