Valeant Eyes Meda Takeover: Report

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

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