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: tips@thestreet.com.

If you liked this article you might like

Follow the Crucial '$20 Level Rule' When Trading Stocks

$20 Should Be Your Cutoff Point

Short the Stocks That Fall Below $20

One of the Most Recognized Hedge Fund Managers Has Had a Terrible Year

Beleaguered Hedge Fund Titan Bill Ackman Is Having Another Rough Year