Mylan said to raise Meda takeover offer to $6.7B
Mylan Inc., the biggest domestic maker of generic medicines, raised its offer for Swedish drugmaker Meda AB to about $6.7 billion, people with knowledge of the matter said.
The all-stock offer was sent this week, said the people, who asked not to be identified discussing confidential information.
A previous Mylan bid was rejected by Meda, the Swedish company said on April 4, without saying why or disclosing the offer's amount.
Meda would help Cecil-based Mylan expand in generic and branded respiratory and dermatology drugs, and strengthen its position in emerging markets and Europe.
Among Meda's products is the allergy drug Dymista. A majority of Mylan's products are generic versions of branded pharmaceuticals. But it makes EpiPen, a branded drug used to treat severe allergic reactions.
Generic drug manufacturers have been consolidating and buying up new assets as a way to broaden their revenue to include more profitable brand-name drugs and injectable medicines that face less competition.
Mylan has said it is looking to make a “substantial” acquisition this year. The company in December completed a $1.75 billion acquisition of Agila, an Indian maker of injectable medications that doubled the size of Mylan's injectables business.
Nina Devlin, a spokeswoman for Mylan, and Paula Treutiger, a Meda spokeswoman, declined to comment.
Meda's shares were halted in Stockholm trading on Friday. Mylan gained more than 3 percent to close at $52.10.
Actavis Plc, an Irish drugmaker with operations in New Jersey, in February agreed to buy Forest Laboratories Inc. for $25 billion. Valeant Pharmaceuticals International Inc. has been gobbling up drug and health products companies as it seeks to grow into one of the world's five biggest drug manufacturers.
Valeant this week teamed with Bill Ackman, a billionaire hedge fund manager, in a $45.7 billion bid to buy Allergan Inc., the maker of the Botox cosmetic treatment.
Bloomberg News and Trib Total Media staff writer Alex Nixon contributed to this report. Nixon can be reached at 412-320-7928 or firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Stocks fall further from record highs
- Sales, profit rebound as American Eagle Outfitters returns to roots
- Impact fees garner support from state community leaders
- Concurrent Technologies focuses on developing batteries for renewable energy, electric cars
- Profit increases 12% at Dick’s Sporting Goods
- Rue21 adjusts for tough market
- Company proposes building 2 gas-fired power plants in West Virginia
- Oil glut forces producers to seek out more storage tanks
- Shift in what powers the grid raises concerns about fuel diversity
- Markets ‘flutter’ day after records
- Oakland firm Qualaris Healthcare’s software saves time in hospitals