NEW YORK (AP) -- Valeant Pharmaceuticals says it has launched a bid for Allergan, the maker of Botox.
The cash and stock offer values Allergan Inc. at around $53 billion, and it expires Aug. 15.
Valeant, which is based in Canada, has teamed up with Bill Ackman's Pershing Square Capital Management to try to purchase Allergan. The two companies went public with their takeover attempt in April and have increased their offer several times. Allergan, of Irvine, California, says the latest offer is still too low.
Ackman is also moving to replace most of Allergan's board.
On Tuesday Valeant Pharmaceuticals International Inc. said it planned to take a buyout offer directly to Allergan shareholders this week.
Allergan shares rose $1.64 to $162.17 in morning trading. Valeant stock added 12 cents to $118.99.