Meda previously rejected a takeover offer earlier this month. The company subsequently said it had been contacted with a proposal to combine the two companies, but Meda's board rejected this, too.
The stock was up 2.01% to $51.36 at noon on Friday.
Here's what moving in the world of Biotech
The result was due largely to a 'just vote no' campaign against the directors.
The company's chairman and director received stiff investor opposition at the company's annual shareholder meeting last week.