FORTUNE — Valeant Pharmaceuticals International (VRX) said Tuesday it will present a bulked-up offer for Allergan (AGN), the maker of Botox, later this month to prove its commitment to getting the deal done.
Valeant, which bought eye-care company Bausch & Lomb last year, said it will share more details in a webcast on May 28. Chairman and CEO J. Michael Pearson said the company will outline for shareholders why its offer is better than Allergan’s “go it alone” strategy, reported the Wall Street Journal.
“We are prepared to pay a full and fair price,” Pearson wrote in a letter to Allergan shareholders on Tuesday. “But, consistent with our track record, we will remain financially disciplined.”
MORE: Pfizer admits to potential job losses in AstraZeneca takeover
Pearson, who made the $46 billion offer in April alongside activist investor William Ackman’s Pershing Square Capital, did not say if Valeant would increase the bid or improve the structure of the deal, which is a mixture of cash and stock.
Allergan rejected Valeant’s unsolicited takeover offer Monday, saying the deal undervalued the Irvine, Calif.-based drug maker. David Pyott said the company has delivered consistent growth and is well-positioned to continue providing value to shareholders.
Pyott is confident in the company’s “ability to extend out track record,” and expects earnings per share to grow 20% to 25% in 2015, he said in a release. Analysts expect next year’s earnings per share to increase closer to 16.3%, according to estimates compiled by Bloomberg.
