Valeant Pharmaceuticals International Trumps Paladin Labs Inc. for Afexa Life Sciences Inc. With $78 Million Bid

Valeant Pharmaceuticals International Inc. (TSX:VRX) said Monday it will sweeten its offer for Afexa Life Sciences Inc. to about $78 million in the escalating battle for the maker of over-the-counter remedy Cold-FX. The Toronto-area company will boost its offer to 85 cents per share, which it said is a 20 per cent premium on its previous offer of 71 cents per share made in August. Valeant is in a bidding war with Montreal-based Paladin Labs Inc. (TSX:PLB), which launched a hostile takeover bid for Afexa (TSX:FXA) in August.