Mylan Raises Bid For Swedish Generic Drug Maker Meda

(RTTNews) - U.S. generic drugmaker Mylan Inc. (MYL) has made a new and improved bid for Swedish rival Meda (MDABF.PK), according to media reports.

Mylan has raised its all-stock offer to 145 kronor per share after its first attempt earlier this month when the offer was reported to be for 130 kronor per share.

The latest bid is worth $6 billion based on shares outstanding, representing approximately 50 percent premium over Meda's share price before news about the original offer surfaced.

After the Financial Times first reported the raised bid, Meda's shares were halted in Stockholm trading, closing yesterday at 128.5 kronor, up by 10.30 percent .

Meda rejected the initial offer by Mylan, saying its Board has rejected the proposal.

The raised bid comes in the wake of a number of healthcare deals this week, including Zimmer Holding's $13.35 billion acquisition of Biomet and $20 billion asset exchange between Novartis AG and GlaxoSmithKline Pharmaceuticals PLC.