Shares of Salix Pharmaceuticals (NasdaqGS: SLXP), the pharmaceuticals and medical device maker, are up more than 6.5% Wednesday after Endo International (NasdaqGS: ENDP) made a competing takeover offer for the company.

Endo is offering $10.6 billion, or $165 per share for North Carolina-based Salix, easily topping the $10 billion, or $158 per share Canada’s Valeant Pharmaceuticals (NYSE: VRX) offered for the company. Valeant made that offer in late February.

With Salix being a long rumored takeover target, the stock has a track record of moving several exchange traded funds on mergers and acquisitions rumors. [ETFs for a Salix Takeover]

Previously highlighted as one of the ETFs that could benefit from a bidding war for Salix, the PowerShares Dynamic Pharmaceuticals Portfolio (NYSEArca: PJP) is higher by almost 1% today. Coming into today, the $1.86 billion PJP allocated nearly 3.2% of its weight to Salix, making the stock the ETF’s 14th-largest holding.

PJP tracks the Dynamic Pharmaceutical Intellidex Index which evaluates companies for inclusion based on “price momentum, earnings momentum, quality, management action, and value,” according to PowerShares.

The equal-weight SPDR Pharmaceuticals ETF (NYSEArca: XPH) is up 1.1% and is back to within striking distance of its all-time high touched late last month. Salix and Endo are both top 10 holdings in XPH, combining for 7.7% of the ETF’s weight.