STOCKHOLM, July 31 Swedish drug maker Meda
said on Thursday it had agreed to buy Italy's
Rottapharm, which this month pulled plans for a stock market
floatation, for 21.2 billion Swedish crowns ($3.08 billion).
The Italian pharmaceuticals firm had cited unfavourable
market conditions for pulling the plans, as Italy's market for
new share issues shows signs of flagging.
Meda said in a statement it estimated cost synergies from
the deal of around 900 million crowns annually with full effect
in 2016, and it expected to finalise the deal in the fourth
($1 = 6.8793 Swedish Crowns)
(Reporting by Stockholm Newsroom)