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NEW YORK (TheStreet) -- Valeant Pharmaceuticals is upping its bid for Botox maker Allergan by increasing the amount of cash in its offer.

VIDEO TRANSCRIPT:

Valeant Pharmaceuticals (VRX) is upping its bid for Botox maker Allergan (AGN) - Get Report.

Valeant added more cash to its offer, increasing the cash-and-stock bid by $10 to $58.30 a share.  The new offer now stands at $166.16 a share, or $49.4 billion, based on Tuesday's closing prices. That's up from the $152.89 a share, or $45.5 billion offer, Valeant made last month.

Valeant also said it would pay as much as an additional $25 a share for Allergan's trial DARPin vision treatment if the drug met certain standards. The company said it would commit to investing as much as $400 million in developing the drug.

Allergan rejected Valeant's initial bid, saying it undervalued the company.  Now, Allergan said it would "carefully review and consider" the revised offer.

The move follows Valeant's recent deal to sell rights to some of its skin care products to Nestle for $1.4 billion.

In New York, I'm Brittany Umar for TheStreet.