Valeant Pharmaceuticals has increased its bid price for Allergan by $10 per share, taking the total worth of its unsolicited offer to $49.4 billion Enamored with the possibility of greater savings and better efficiency from synergies, Valeant Pharmaceuticals Intl Inc (VRX) has been trying hard to woo Botox-maker Allergan, Inc. (AGN) – but Allergan is not yet done playing hard-to-get. Valeant’s initial bid, which was turned down by Allergan on grounds that it undervalued the company, has been followed by a more generous one, and the company is making it clear that it is seriously pursuing Allergan. An Overview According to ValueAct Holdings LP chief Jeff Ubben, Valeant had been pursuing a friendly deal with Allergan for more than a year. After initial negotiations broke down, Valeant approached Ackman’s Pershing Square hedge fund with its plans. Bill Ackman, who has a 9.7% stake in Allergan, was previously looking to profit by merging the skin and eye businesses of both companies. But Valeant has now sold commercial rights for five of its beauty dermatology products in the US and Canada to Nestle SA (NSRGY) to avoid antitrust scrutiny in case it merges with Allergan. Valeant has also sold the commercial rights for its own variant of Botox, Dysport.