Meda AB has denied it is in talks with any potential buyer,
including Sun Pharmaceutical Industries.
Last week
reports had said Mumbai-based Sun Pharma was in talks to buy the Swedish firm, which is strong in speciality products, over the counter drugs and branded generics, for about $5 billion.
"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's policy is not to comment on speculation and will not do so in the future. This announcement is an exception to our policy."
While a spokesperson of Sun Pharma had earlier refused to comment on the reports, the Mumbai-based firm had also announced on the Bombay Stock Exchange that reports of a possible deal were "speculation".
"We have absolutely no comment on market speculation. Please further note since we have large cash and cash equivalents, we are constantly linked to rumours of international acquisitions," the company had said in a filing to BSE.
Shares of Sun Pharmaceutical jumped 1.91 per cent on Wednesday to close at Rs 1,038.30 on the Bombay Stock Exchange.
With inputs from PTI 
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