Canadian pharmaceutical firm Valeant has hiked its hostile bid for Allergan in a dogged pursuit of the US maker of Botox.
The revised offer on Wednesday follows a separate deal to sell Valeant's skin care products to Nestle, and as Allergan firmed its rejection of the unwanted suitor's takeover bid.
Valeant is offering $US58.30 ($A63.08) in cash - up $US10 from its previous bid - and 0.83 Valeant shares for each Allergan share, according to a statement.
It also said it would pay $US25 per share for Allergan's Darpin eye treatment if it proves to be commercially viable.
In a letter to Allergan chief executive David Pyott, the head of Valeant, Michael Pearson said the "cash portion of our revised offer alone represents approximately 50 per cent of Allergan's unaffected share price".
For its part, Allergan criticised the Canadian firm's business model and aimed to discredit its leadership, hiring a consultant analyst to pick apart its alleged shortfalls in a report, which Pearson said, "contained numerous errors and misstatements of facts".
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