Endo International Plc offered to acquire Salix Pharmaceuticals Ltd. as it seeks to upend a sale of the gastrointestinal-drug maker to Valeant Pharmaceuticals International Inc.

Endo’s proposal values Salix at $175 per share in cash and stock, according to a statement Wednesday, or more than $11 billion. That tops Valeant’s agreement to pay $158 a share in cash.

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