Teva Pharmaceuticals (NYSE:TEVA) said today that it closed the $1.1 billion cash sale of its Paragard intrauterine copper contraceptive device to Cooper Cos.‘ (NYSE:COO) CooperSurgical unit.
The deal included Teva’s manufacturing facility in Buffalo, N.Y., the pharma company reported.
The move is part of Teva’s efforts to restructure its business, narrowing its focus on CNS and respiratory conditions. The company also plans to divest of its oncology and pain businesses in Europe. In September, Teva inked deals to sell off the rest of its women’s health biz.
“With completion of the sale of Paragard, Teva demonstrates strong execution of our strategic divestiture plan,” Teva’s out-going president & CEO Yitzhak Peterburg said in prepared remarks. “We now have an infusion of $1.1 billion to progress the repayment of term loan debt and are on track to deliver on our promise to generate net proceeds of at least $2 billion from the divestiture of non-core assets. We are very pleased to have completed this sale to CooperSurgical which will help to not only allow for greater focus within Teva’s global specialty medicines business but also assure that patients in the U.S. continue to benefit from access to this important contraceptive product.”
