Generic drugmaker Mylan has made an offer to acquire Swedish pharmaceutical firm Meda Aktiebolag (Meda) for $7.2bn in a cash-and-stock deal.

The offer has been unanimously approved by Mylan’s board of directors and unanimously recommended by Meda’s board of directors.

Two largest shareholders of Meda, who own about 30% of the specialty pharmaceutical’s outstanding shares, have agreed to accept the offer.

Subject to regulatory approval, the transaction is expected to be completed by the end of the third quarter of this year.

"Our acquisition of Meda will allow us to accelerate and deliver on the clear and compelling vision and strategy we have continuously communicated to our shareholders."

As part of the deal, Mylan will pay Skr165 ($19.65) per share, bringing the total value of the deal to Skr83.6bn ($9.9bn), including Meda’s debt.

Mylan executive chairman Robert Coury said: "Our acquisition of Meda will allow us to accelerate and deliver on the clear and compelling vision and strategy we have continuously communicated to our shareholders, and once again deliver a transaction that will create significant value.

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"We structured this transaction in a way that optimises our balance sheet and still leaves us ample financial flexibility to continue to complement our business with additional attractive opportunities.

"Meda is a unique and strategic asset, with a high-quality workforce, which will add to our powerful, diversified and sustainable global platform and provide exciting new opportunities for Mylan, its shareholders and all of our other stakeholders."

The acquisition will strengthen Mylan’s position as a diversified global pharmaceutical provider with an expansive and growing portfolio of specialty, generic and over-the-counter (OTC) products as well as a strong, complementary therapeutic presence.

If successful, the combined company will have a balanced global footprint with significant scale in key geographic markets, particularly the US and Europe.

With the acquisition, Mylan will be able to enter into a number of new and attractive emerging markets, including China, Southeast Asia, Russia, the Middle East and Mexico, complemented by its presence in India, Brazil and Africa.

Last year, Mylan completed the acquisition of Abbott’s specialty and generics business in developed markets outside the US.

In April last year, Mylan made an offer to buy Irish OTC and nutritional products maker Perrigo for approximately $29bn and later increase the offer price to an estimated $35bn, but failed to finalise the acquisition.