Valeant Secures Financing to Make a Bid for Salix

Valeant Pharmaceuticals International Inc. has arranged financing for a potential takeover of Salix Pharmaceuticals Ltd., people familiar with the matter said, as it nears a bid for the gastrointestinal drugmaker.

Valeant’s likely to make an offer of more than $150 per share, one of the people said, asking not to be identified discussing private information. Including net debt, Salix is valued at about $10.9 billion. Its shares jumped 4 percent in New York to $149.18.