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DRUGS

Sweden’s Meda denies India merger rumours

Swedish drug maker Meda, reported to be a takeover target by Indian group Sun Pharmaceutical, denied on Wednesday that merger talks were under way.

Sweden's Meda denies India merger rumours

Last week, the Wall Street Journal reported, citing anonymous sources, that Mumbai-based generic drug firm Sun Pharma was in discussions with banks to finance the deal.

“Due to the recent speculation in the press and news media concerning Meda merging with another pharmaceutical company, we have decided to inform the market that there are currently no such discussions,” Meda said in a statement.

Meda added that it does not generally comment on “speculation” and that issuing the statement was an “exception to its policy.”

Stockholm-based Meda, a maker of branded generic prescription and over-the-counter drugs, is listed on the Swedish stock exchange. Sun Pharma previously declined to comment on what it called “media conjecture”.

Shares of Sun Pharma, which has a market capitalisation of nearly $20 billion — the highest of all Indian generics firms — closed up nearly two percent at 1,038.3 rupees after Meda’s denial which eased investor concerns over the deal’s cost.

AFP/The Local/dl

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DRUGS

Swedish citizens arrested in Spain on drugs charges

Two people from Sweden have been arrested in Barcelona on suspicion of serious drugs and weapons offences.

Swedish citizens arrested in Spain on drugs charges
File photo: Fredrik Sandberg / TT

The pair were detained at the request of the Swedish police and have already been charged in absentia in the Scandinavian country.

Authorities in Sweden have been searching for the two suspects since the autumn of last year, news agency TT reports.

“We have been looking for them for a long time and they are suspected of belonging to a criminal network in northwestern Stockholm,” Mats Lindström of Stockholm Police said in a press statement.

“The Spanish police have assisted us in this work and they are now under arrest,” Lindström added.

The process for extradition of the two arrested individuals to Sweden has been initiated.

READ ALSO: Reported drug offences in Sweden increase in 2018

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