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Meda denies takeover report

Swedish pharmaceutical company Meda has denied a media report that Valeant has made a takeover approach for it

Sweden-based Meda has denied reports that Canada-based Valeant Pharmaceuticals International has made a takeover bid for the company.

In a statement Meda said: "Meda's board of directors has not received an approach of the kind that is described in the article. However, there are several collaborations between Meda and Valeant including joint ventures in Canada, Mexico and Australia."

A deal for Meda could be valued at more than $4bn, the Wall Street Journal reported on Tuesday.

Earlier in 2011 Valeant dropped a $5.7bn approach for Cephalon after Israel's Teva Pharmaceutical agreed to buy the US-based pharmaceutical firm for $81.50 a share, beating Valeant's $73-a-share bid.

When contacted by PMLiVE, Valeant said it declined to comment on market speculation.

Valeant recently agreed to acquire Janssen Pharmaceuticals' Ortho Dermatologics and Sanofi's Dermik.

27th July 2011

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