Although the strategy may change when Kare Schultz, the newly appointed president and CEO at Teva Pharmaceutical Industries Ltd. settles in, the company’s first divestment of a non-core women’s health asset, the intrauterine copper-releasing device, Paragard, was announced Sept. 11.
The IUD and its Buffalo, NY based manufacturing facility is to be sold to the US-based CooperSurgical Inc. for $1.1bn in cash, a tidy sum that Teva says will be used to repay term loan debt under its senior credit facility. Paragard is an IUD that is sold only in the US, and can prevent pregnancy for up to 10 years, and had revenues of $168m in the 12 months ending June 30, 2017
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