UPDATE 2-India's Sun Pharma in talks to buy Sweden's Meda for $5-$6 bln-sources
* Deal would boost Sun generics business in developed world
* Meda's most promising asset Dymista allergy inhaler
* Olsson family controls more than fifth of Swedish firm
* Meda shares hit 5-1/2-year on news of talks (Adds detail on valuation, ownership, further analyst comment, context on recent deals)
By Sumeet Chatterjee and Kaustubh Kulkarni
MUMBAI, May 31 (Reuters) - India's Sun Pharmaceutical Industries Ltd is in talks to buy Sweden's Meda AB for between $5 billion and $6 billion to boost its generics business in developed markets, two sources with direct knowledge of the process said.
Meda makes speciality products, over-the-counter drugs and branded generics - the same areas of focus as Sun. The Swedish company had sales of about 13 billion crowns ($2 billion) in 2012 and has a stock market value of roughly $4 billion.
Mumbai-based Sun is India's most valuable drugmaker, with a market capitalisation of some $20 billion, and has made several acquisitions in recent years.
But a deal for Meda would be the largest yet for a company which had cash of 40.6 billion rupees ($722 million) at the end of March. Continued...