Apr 4, 2014 1 min read

NEW YORK — Swedish drug company Meda rebuffed an approach from Mylan Inc., which was looking to combine the two businesses.

Meda AB said talks between the two companies stopped “without further actions.” It did not provide any details as to why its board turned down the proposal.

Mylan, based in Southpointe, is the largest generic pharmaceutical company in the United States. It previously hinted it was shopping around, saying in February that it expected to execute another “substantial transaction” this year. Mylan bought Agila Specialties last year for $1.6 billion.

Mylan said in a statement Friday that it does not comment on potential specific transactions. It previously stated it is considering a wide range of opportunities.

Meda’s products are sold in more than 120 countries.

Shares of Mylan Inc. rose $3.52, or 7 percent, to $53.38 in morning trading.