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.
Jim Cramer ponders the presidential campaign tradition of corporate bashing and how the stock market is more important than the Fed.
While the public seized on Mylan's price increases for EpiPens, the story of a common drug industry practice - increasing prices ahead of generics entering the market - got lost.
Pharmacy Benefit Managers (PBMs) 'operate within a sphere of secrecy,' Black Rock Pharmacy co-owner Brad Arthur told CNBC.
Mylan pushed the blame for high EpiPen prices onto PBMs Thursday, causing share prices to dip. Analysts say investors were mislead.