Valeant Pharmaceuticals International Has Approached MEDA About a Takeover; MEDA Chairman Denies Claim
Published: Jul 27, 2011
Valeant Pharmaceuticals International Inc. (VRX), the drugmaker that has pursued more than 10 acquisitions in the past year, approached Sweden’s Meda AB (MEDAA) about a takeover, said two people with knowledge of the matter. The approach was informal and may not lead to a deal, said one of the people, who declined to be identified because the situation is private. Meda, based in Solna, Sweden, had a market value of about 21.5 billion kronor ($3.4 billion) based on its last closing stock price. The companies have a history of doing deals together. Valeant, based in Mississauga, Ontario, said in June it would buy rights to sell two of Meda’s medicines in the U.S. and Canada. Three years ago, Valeant sold its European drug business to Meda, giving the Swedish company access to the faster-growing eastern European and Russian markets. The Wall Street Journal reported the approach yesterday.