Sun Pharma in talks to buy Meda for $5-6 billion


Sun Pharmaceutical Industries is in talks to buy a controlling stake in Swedish drug maker Meda AB for between $5 billion and $6 billion to boost its generics business in developed markets, two sources with direct knowledge of the matter said.

Meda makes specialty products, over the counter drugs and branded generics – the same areas of focus as Sun Pharma.

Mumbai-based Sun Pharma is India’s most valuable drugmaker and has made a series of acquisitions in the past.

It is in talks with a clutch of banks to raise funds for a possible deal, the sources said, declining to be identified because the talks are not public.

A spokeswoman for Sun Pharma, which has a market value of roughly $20 billion, declined to comment. Meda was not immediately available for comment.

Source : Reuters.