Generics specialist Mylan N.V. said it would buy Sweden's Meda AB for about SEK83.6 billion (US$9.9 billion), including debt, in a combination of cash and stock.
The deal, cleared by Mylan's board and recommended to shareholders, has gained the go-ahead from the two largest owners with about 30 percent of the firm: Stena Sessan Rederi AB (21 percent) and Fidim Srl (9 percent). Expected to be finished by the end of the third quarter of this year, the buyout would create a drug behemoth of branded, generic, and over-the-counter drugs, and would let Mylan – already in India, Brazil and Africa – enter new markets such as China, Southeast Asia, Russia, the Middle East and Mexico.
Solna, Sweden-based Meda's board recommended that shareholders accept the terms, though the firm previously has turned Mylan away. An approach in the spring of 2014 made headlines when Meda rejected at least two offers. Mylan, in April of last year, turned its attention elsewhere