Mylan will pay SEK165 per share, bringing the total value of the deal to $9.9bn including Meda’s debt.
The transaction is anticipated to close by the end of the third quarter, subject to regulatory approval.
Meda’s product portfolio spans various therapeutic and product areas with the main focus on respiratory, dermatology, and pain and inflammation.
The company also provides over-the-counter (OTC) nonprescription products including the antiseptic Betadine.
In 2014, Meda rejected several buyout offers from Mylan, with offer price ranging from $6.7bn to $9bn, excluding debt.
Mylan’s board of directors has approved the latest offer, which was recommended by Meda’s board of directors.
Meda’s two largest shareholders, who own around 30% of the company’s outstanding shares, have accepted the offer.
Meda member of the board of directors Peter von Ehrenheim said: "The transaction will provide critical mass across all commercial channels in Europe, create a leading U.S. specialty business and provide an exciting platform for growth in emerging markets."
Last year, Mylan failed to acquire Irish OTC maker Perrigo, even though it offered $35bn.
Mylan said the Meda acquisition will enable it to penetrate emerging-market economies like China, Southeast Asia, Russia and the Middle East.
Mylan CEO 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."
Image: Mylan has offered to buy Meda in a $7.2bn transaction. Photo: courtesy of adamr/FreeDigitalPhotos.net.