Laval, Québec: Drugmaker Valeant Pharmaceuticals International Inc raised the cash component of its unsolicited offer for Botox-maker Allergan Inc, but the increased bid fell short of expectations and the stock of both companies fell.Valeant’s sweetened offer on Wednesday, valuing the U.S. firm at $49.44 billion, also included a contingent value right that could be worth an additional $7.6 billion.

“I was actually surprised (Valeant) didn’t go higher,” said David Amsellem, analyst at Piper Jaffray. “Clearly they are going to continue to be aggressive, making a full-court press to get this done.” Valeant’s New York-listed shares dropped 1 percent by midday to $128.66, paring earlier losses, while Allergan stock lost 4.1 percent to $158.29. Valeant on Wednesday offered to pay $58.30 per Allergan share in cash, about $10 higher than its previous offer of $48.30. The stock component remains 0.83 of a Valeant share for each Allergan share.