Teva sells ParaGard, an intrauterine copper contraceptive device to Cooper Companies for $1.1 billion.
The Cooper Companies has agreed to buy ParaGard, an intrauterine copper contraceptive brand from Teva Pharmaceutical Industries for $1.1 billion in an all cash-deal. The definitive asset purchase agreement covers the global rights and business of the Intrauterine Device (IUD) which is used for long-term birth control by inserting into a woman�s uterus. The acquisition will expand the business of Cooper's medical and surgical products and brands unit, Cooper Surgical in a large and growing area of the contraceptive device market.
The sale of the contraceptive brand is the first step taken by Teva towards its planned divestment of non-core assets. Apart from ParaGard, Teva is also offering its global Women's Health business and Oncology and Pain businesses in Europe for sale with the total proceeds from all the divestitures expected to generate at least $2 billion. Currently, ParaGard is sold only in the US and had recorded revenues of nearly $168 million for the twelve-month period ending 30 June 2017.
Comment: ParaGard was FDA approved in November 1984.
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