17032015Tue

Last updateTue, 17 Mar 2015 2pm

Indian drugs giant Sun Pharma to buy Sweden's Meda AB

Mumbai-based Sun Pharmaceutical Industries is in talks to buy a controlling stake in Swedish drugmaker Meda AB for between $5 billion and $6 billion to boost its generics business in developed markets, according to a report in Reuters.

Meda makes specialty products, over the counter drugs and branded generics – the same areas of focus as Sun Pharma, India's most valuable drugmaker, which has made a series of acquisitions in the recent past.

The company is reportedly in talks with several banks to raise funds for a possible deal, Reuters quoted sources as saying.

A spokeswoman for Sun Pharma, which has a market value of roughly $20 billion, declined to comment.

Meda was not immediately available for comment.

- Reuters

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