Valeant back on takeover path, now eyeing Sweden's Meda: Canada OKs Sublinox
Unconfirmed press reports indicate that Canada’s Valeant Pharmaceutical International (NYSE: VRX) is seeking yet another acquisition, this time setting its sights on Sweden’s Meda (OMX: MEDA A), which has itself been buying products, as well as US specialty drug firm Alaven for $350 million last year. Meda’s shares rose 12% to 79.35 Swedish kronor in early trading this morning, but the firm has not confirmed any talks.
The Wall Street Journal, which broke the story - quoting unnamed people familiar with the discussions, said that Meda had been approached by the Canadian firm in the past two weeks. It noted that Meda has a market capitalization equivalent to $3.4 billion and that, based on a typical takeover premium of 30%, it could fetch around $4.4 billion in a takeover.
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