Mylan agrees $7.2 billion deal to acquire Meda

Mylan has announced the acquisition of the Swedish drugmaker Meda in a deal worth $7.2 billion (4.98 billion pounds).

The combination of the two companies will create a new diversified global pharmaceutical industry leader, with a broad portfolio of branded and generic medicines, as well as growing range of over-the-counter (OTC) products.

Meda products are sold in more than 150 countries, with 2015 sales of approximately 19.65 billion Swedish kronor (1.6 billion pounds). It employs approximately 4,500 people, including a salesforce and marketing organisation of more than 2,600.

Its leading brands include the Dymista allergic rhinitis and Elidel atopic dermatitis therapies, while its leading OTC products include the osteoarthritis medicine Dona and CB12 halitosis aid. Meda also is Mylan's commercial partner for the EpiPen Auto-Injector in Europe.

Mylan chief executive officer Heather Bresch said: "Meda brings us greater scale, breadth and diversity across products, geographies and sales channels, and together we will have an even stronger global commercial infrastructure."

This comes after the firm acquired certain assets from Famy Care last year, as well as attempting to negotiate a deal to purchase Perrigo.