Mylan to acquire Swedish drugmaker Meda

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Mylan to acquire Swedish drugmaker Meda

Home/Pharma News | Posted 04/03/2016 0 Post your comment

US generics manufacturer Mylan announced on 10 February 2016 that it had made a deal worth US$9.9 billion (for shares and debt) to buy Swedish drugmaker Meda.

Meda makes specialty products, over-the-counter (OTC [non-prescription]) products and branded generics. Meda’s products fall within five therapy areas: respiratory, dermatology, cardiology, pain and inflammation, and central nervous system.

Meda’s board of directors, which has previously rejected offers by both Mylan and Sun Pharma [1], is recommending this latest deal from Mylan to its shareholders. In addition, Meda’s two largest shareholders, both of whom hold around 30% of Meda’s shares, are also reportedly willing to accept the offer, ‘subject to certain conditions’.

The combination of Mylan and Meda will, according to Mylan, ‘create a diversified global pharmaceutical leader with an expansive portfolio of branded and generic medicines and a strong and growing portfolio of over-the-counter (OTC) products’. In fact, according to Mylan CEO, Heather Bresch, Mylan will gain an approximately US$1 billion OTC business once the deal is finalized. She added that the two companies had come to know one another through their successful EpiPen partnership in Europe.

The acquisition of Meda will increase Mylan’s presence in the US and Europe and provides entry into emerging growth markets, including China, Southeast Asia, Russia, the Middle East and Mexico. All of this is complemented by Mylan’s presence in India, Brazil and Africa.

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Reference
1. GaBI Online - Generics and Biosimilars Initiative. Sun Pharma looking to buy Sweden’s Meda [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2016 Mar 4]. Available from: www.gabionline.net/Pharma-News/Sun-Pharma-looking-to-buy-Sweden-s-Meda

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Source: Meda,Mylan