Valeant Pharmaceuticals International Inc.’s biggest acquisition, its $10.1 billion purchase of Salix Pharmaceuticals Ltd., makes a bet on winning regulatory approval for a potential blockbuster gastrointestinal drug.

Investors in Raleigh, North Carolina-based Salix will get $158 a share in cash, the companies said in a statement Sunday. The deal values Salix at about $14.5 billion including net debt, and will provide a “modest” addition to earnings this year, according to Valeant.

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