Swedish drugmaker Meda says not in sale talks

Swedish drugmaker Meda AB said on Wednesday it was not involved in discussions with a potential buyer, a week after sources said Sun Pharmaceutical Industries was in talks to buy the company.

Two sources with direct knowledge of the situation told Reuters on May 31 that Sun Pharmaceutical was prepared to pay USD five billion and USD six billion for Meda to boost its generics business in developed markets.

Also read: Sun Pharma falls on reported plans to buy Sweden's Meda

"Due to the recent speculation in the press and news media concerning Meda merging with another pharmaceutical company, we have decided to inform the market that there are currently no such discussions," Meda said in a statement.

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

The Swedish company had sales of about 13 billion crowns in 2012 and has a stock market value of roughly USD four billion.

Mumbai-based Sun is India's most valuable drugmaker, with a market capitalisation of some USD 20 billion, and has made several acquisitions in recent years.