MISSISSAUGA, Ontario, Canada ( TheStreet) -- Valeant Pharmaceuticals ( VRX) approached Swedish specialty drug maker Meda AB about a takeover, The Wall Street Journal reported, citing people familiar with the matter. A deal could be worth more than $4 billion. Meda, which trades in Stockholm, has a market value of about $3.4 billion. Valeant made the approach within the past two weeks, the Journal said. The people warned the deal may not happen. Valeant's last try at a big deal, a hostile takeover of Cephalon ( CEPH) in March, failed. Meda makes respiratory, cardiology, dermatology and pain and inflammation drugs, and has a business similar to Valeant's, according to the Journal. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.