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.
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.
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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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(END) Dow Jones Newswires
September 11, 2017 17:18 ET (21:18 GMT)