Sweden’s Meda reportedly gets raised bid from Mylan

Having formally rejected an unsolicited takeover offer from US generics group Mylan (Nasdaq: MYL) earlier this month, Swedish drugmaker Meda (OMX: MEDA A) has now received an increased bid.

According to a report by the UK’s Financial Times on Saturday, Mylan has now come back with an all-stock offer of 145 Swedish kronor a share, valuing the Swedish firm at around $9 billion, and a 50% premium to Meda’s share price ahead of rumors suggesting the original US approach.

Terms of the first offer were never revealed publicly, although were thought to be around 130 kronor per share. However, as a result of the rumors and stock market activity at that time (The Pharma Letter April 6), Meda issued as statement confirming contact with Mylan about an “indicative” bid but saying that its board of directors “has decided to reject the proposal. All continued discussions between Meda and Mylan have been terminated without further actions.”