FOR IMMEDIATE RELEASE

PALADIN AND MEDA ANNOUNCE CANADIAN DISTRIBUTION AGREEMENT FOR CORTIFOAM

Montreal, Canada, November 11, 2003 Paladin Labs Inc. (TSX: PLB), a leading Canadian specialty pharmaceutical company, and Meda AB (SX: MEDA A.ST), a leading Swedish specialty pharmaceutical company, today announced that they have entered into a Canadian distribution agreement for Cortifoam®, a local anti-inflammatory therapy for the adjunctive treatment of ulcerative colitis and inflammatory bowel disease. Under the terms of the Agreement, Paladin shall become Meda’s exclusive Canadian distributor for Cortifoam®. Terms of the agreement were not disclosed.

Canadian sales of Cortifoam® amounted to approximately $1.5 million in 2002. Cortifoam® competes in the topical steroid market, valued by IMS Canada at $3.9 million of sales during the same period.

“Cortifoam’s unique foam delivery of hydrocortisone is well regarded by Canadian gastroenterologists and provides Paladin with a perfect match for Diacol®, the first patented sodium phosphate purgative in tablet format available in the United States. We are thrilled to be partnered with Meda as they share our vision of growth through acquisition of promotion sensitive brands from big pharma and through the in-licensing of innovative pharmaceuticals,” said Jonathan Ross Goodman, President and CEO of Paladin Labs. “We hope that this agreement for Cortifoam marks the beginning of a prosperous and broader long-term relationship with Meda.”

“We are pleased to have partnered with Paladin, a company with whom we have much in common. The similarities are striking both in terms of strategic goals and therapeutic focus. Paladin has an excellent track record and marketing capabilities and we look forward to expanding our relationship with Paladin,” said Anders Lönner, CEO of Meda.

About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Canada, is a leading specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada’s leading specialty pharmaceutical companies. Paladin’s shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Paladin Web Site at www.paladinlabs.com.

About Meda AB
Meda AB (publ.) – the Swedish specialty pharmaceutical company. Meda markets prescription and over-the-counter drugs and medical equipment in about 25 countries. Meda has its own subsidiaries in the Nordic countries, the United Kingdom, Germany and the Baltic States. Meda is listed on the Stockholmsbörsen stock exchange under the symbol MEDA A.ST. For more information about Meda, please visit the Meda Web Site at www.meda.se.

This news release may contain forward-looking statements or predictions. These statements represent our judgement as of this date and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed in such forward-looking statements. Potential risks and uncertainties include, without limitation, those associated with product development, clinical trials, future revenues and profitability, and obtaining marketing approval and other factors that are discussed in the Management Discussion and Analysis published in the Company's annual report.

For more information please contact:

Samira Sakhia Chief Financial Officer Paladin Labs Inc. Tel: (514) 340-5067 email: info@paladin-labs.com Website: www.paladinlabs.com	Bruce Wigle Investor Relations The Equicom Group Inc. Tel: (416) 815-0700 ext. 228 email: bwigle@equicomgroup.com
Anders Larnholt Investor Relations & Business Development Meda AB Tel: (46) 8 630 1900 email: anders.larnholt@meda.se Website: www.meda.se