CooperSurgical to acquire Paragard as Teva seeks to offload assets
Teva has agreed to sell its Paragard contraceptive product to women’s healthcare specialist CooperSurgical for $1.1 billion (£830 million) in cash. The deal includes Teva’s manufacturing site in Buffalo, US, where the intrauterine device is made.
Israeli-headquartered Teva said that it will use the proceeds to repay debt. Interim chief executive Yitzhak Peterburg said that the sale emphasises Teva’s ‘commitment to divest non-core businesses’ as it seeks to focus its speciality medicines portfolio on respiratory and central nervous system disorders.
Teva still intends to sell the remaining parts of its global women’s health business, and its oncology and pain businesses in Europe, from which it hopes to raise another $2 billion.