Valeant Pharmaceuticals International Inc. raised its unsolicited offer for Allergan Inc. to about $49.4 billion, adding more cash to the bid in an effort to win backing from the target and its investors.

Holders of Allergan, the maker of the Botox anti-wrinkle drug, will get cash and stock of about $166.16 a share, plus a contingent value right valued at as much as $25 a share if the experimental eye drug DARPin meets sales goals, the Laval, Quebec-based company said in a statement today. The original offer, which didn’t include a CVR, was valued at about $152.89 a share when it was announced April 22.

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