Valeant Pharmaceuticals is sweetening its offer to buy Botox maker Allergan for the second time this week.

Valeant Pharmaceuticals is sweetening its offer to buy Botox maker Allergan for the second time this week.

The Canadian drugmaker said Friday it is now offering $72 and a portion of its stock for each Allergan share.

That's up from an offer of $58.30 per share that Valeant extended on Wednesday.

The latest bid is contingent on Allergan engaging in a prompt, good-faith negotiation to get the deal done.

Valeant's previous offer also promised a contingent value right shareholder payment based on future sales of a potential eye treatment.

Earlier this month, Allergan, based in Irvine, California, rejected an offer of nearly $46 billion, saying it undervalued the company.

Pershing Square, Allergan's largest shareholder, also agreed to receive no cash if the deal goes through.