Perrigo is expected to reject Mylan's latest offer.
Under terms of the new offer, Perrigo shareholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share.
Based on Mylan's closing stock price of $68.36 on April 8, 2015, the first day of market reaction to the initial proposal, the value of the new offer is $232.23 per Perrigo share.
The earlier offer was for $222 per Perrigo share, comprising $60 in cash and 2.2 Mylan shares.
"Previously, Mylan filed for U.S. anti-trust clearance, made a "hell or high water" commitment with respect to obtaining this clearance and committed to a timetable for closing," Mylan's Executive Chairman Robert J. Coury said in a statement. "We have also secured firm committed financing for our offer."
Mylan said last week it would take its $31 billion offer for Perrigo directly to shareholders, in what is set to be one of the most high-profile hostile takeover attempts of the year.
—CNBC's David Faber and Reuters contributed to this report.