Valeant boosts offer for Botox maker Allergan

There's a new wrinkle in the bid for Botox maker Allergan.

On Monday, Canadian drugmaker Valeant Pharmaceuticals International raised its offer for Allergan to $200 or more a share.

Allergan shares jumped 2.72% or $4.79 a share to $189.22 in premarket trading, less than two hours before the market opening. The Irvine-based health care company has 11,700 employees and operations in more than 100 countries.

Botox, which turns 25 years old this year, blocks signals from the nerves to the muscles. The injected muscle can no longer contract, which causes the wrinkles to relax and soften. It is most often used on forehead lines, crow's-feet lines around the eye and frown lines.

Valeant made the statement in a letter to Allergan's board released publicly seeking to urge Allergan to talk about an acquisition. Valeant did not specify details of any new offer, but said the increase would consist of added "consideration" and expected appreciation of Valeant's own stock to be used in any deal.

Valeant has made several offers to buy Allergan, the latest amounting to about $179 a share at current stock values.

Allergan has set a Dec. 18 date for a special shareholder meeting at which its shareholders will consider replacing most of its board.

Contributing: Associated Press