Thursday, November 02, 2017
Teva Pharmaceutical Industries Ltd., announced it has completed the divestiture of PARAGARD® (intrauterine copper contraceptive) to CooperSurgical in a $1.1 billion cash transaction. This transaction includes Teva’s manufacturing facility in Buffalo, NY, which produces PARAGARD® exclusively.
“With completion of the sale of PARAGARD®, Teva demonstrates strong execution of our strategic divestiture plan,” stated Dr. Yitzhak Peterburg, outgoing President and CEO. ”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.”
Teva continues to progress and actively pursue additional divestiture opportunities, including the previously announced agreements for the sale of Plan B One-Step® and the remaining assets of its global Women's Health business. Teva expects to generate at least $2 billion in total proceeds from the sale of these businesses, as well as additional asset sales to be executed by year end 2017.
Morgan Stanley acted as financial advisor to Teva, Ernst & Young served as accounting advisor and Goodwin Procter is Teva’s legal counsel for this transaction.
Guggenheim Securities acted as CooperSurgical’s financial advisor and Carter Ledyard & Milburn LLP acted as CooperSurgical’s legal counsel for this transaction.