Teva Pharmaceutical Industries has agreed to divest the remaining assets of its specialty global women’s health business for $1.38bn.
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The company signed two sale agreements to generate total proceeds of $2.48bn.
Under the first deal, CVC Capital Partners Fund VI will acquire Teva’s women’s health product portfolio across contraception, fertility, menopause and osteoporosis for $703m.
The product portfolio, which is marketed out of the US, is comprised of Ovaleap, Zoely, Seasonique, Colpotrophine, Actonel and additional products. These products net sales were around $258m in the fiscal year 2016.
As part of the second agreement, the Foundation Consumer Healthcare will acquire Teva’s Plan B One-Step and brands of emergency contraception, Take Action, Aftera, and Next Choice One Dose for around for
These products net sales have been around $140m in the fiscal year 2016.
Earlier this month, Teva separately signed an agreement to sell intrauterine copper contraceptive, Paragard, to CooperSurgical for around $1.1bn. Paragard is also part of the global women’s health business.
Paragard is a copper-releasing device, which will be placed in the uterus to prevent pregnancy for up to ten years.
The proceeds, totaling $2.48bn, from the sales will be used by Teva to advance repayment of term loan debt.
Subject to customary conditions, the deals are expected to complete by the end of this year.
Teva Pharmaceutical interim CEO Dr Yitzhak Peterburg said: “Today’s announcement, coupled with the recent announcement of the sale of PARAGARD® for
“With these initial divestitures we have exceeded expectations, leveraging the tremendous value we have built within Teva’s specialty business.”
Image: Teva to sell specialty global women’s health business for $2.48bn. Photo: courtesy of Teva Pharmaceutical Industries Ltd.