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.

Salix’s biggest products are for gastrointestinal disorders, including Xifaxan for travelers’ diarrhea -- a drug poised to receive an additional use approved by the U.S. Food and Drug Administration, for irritable bowel syndrome with diarrhea. Its shares jumped as much as 8 percent to $170 in New York trading, after the Wall Street Journal reported the bid, before being halted. Endo’s shares also were halted, while Valeant dropped.

A representative for Salix declined to comment, while a representative for Valeant couldn’t immediately be reached for comment.

Valeant’s offer valued Salix at 69 times trailing 12-month earnings before interest, taxes, depreciation and amortization, more than four times the median multiple for similar deals. Yet withSalix on deck to win regulatory approval next quarter for that potentially lucrative new Xifaxan use, Valeant would have paid closer to 15 times Ebitda, based on analysts’ projections for next year’s profit.

Endo and Valeant follow similar strategies of acquiring smaller companies for their product lines and cutting research and development spending. Endo Chief Executive Officer Rajiv De Silva has said he prefers to focus on lower-cost, lower-risk drugs.

Endo, while run from the U.S., has been incorporated in Ireland since completing an inversion. Valeant has a sizable presence in Bridgewater, New Jersey, though it’s domiciled in Canada.

Salix and Valeant agreed to a deal after Salix said it was restating past financial results to address wholesalers building up inventory of several drugs, inflating sales.

--With assistance from Cynthia Koons in New York.

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