Teva Pharmaceutical to Sell Paragard Rights to Medical-Device Firm Cooper For $1.1 Billion

By Maria Armental Features Dow Jones Newswires

Teva Pharmaceutical Industries Ltd. (TEVA) is selling the rights to intrauterine contraceptive Paragard to the Cooper Cos. (COO) in a roughly $1.1 billion cash deal.

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The generic-drug giant, which Monday appointed pharmaceutical industry veteran Kare Schultz as its new chief executive after a months-long search, said it still expects to make at least $2 billion by year's end from the sale of its global women's health business and oncology and pain business in Europe. Teva intends to use the money to pay down some $35 billion in debt.

The Paragard deal, which is subject to antitrust clearance, includes Teva's facility in Buffalo, N.Y., where Paragard is produced.

Paragard, currently sold only in the U.S., accounted for about $168 million in sales for the 12 months through June 30, the companies said Monday.

Cooper, a Pleasanton, Calif., medical-device company, said the purchase is expected to add between 70 cents and 75 cents to earnings per share in its first year.

Shares in Cooper, which are up 45% so far this year, rose 0.1% to $253.65 in after-hours trading.

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Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

September 11, 2017 17:18 ET (21:18 GMT)