Teva flogs Paragard for up to $1 billion

Israel’s Teva Pharmaceutical Industries (NYSE and TASE: TEVA) has entered into a definitive agreement under which USA-based CooperSurgical will acquire intrauterine copper contraceptive Paragard, a product within its global Women's Health business, in a $1.1 billion cash transaction.

Paragard had revenues of approximately $168 million for the trailing 12-month period ending June 30, 2017. This transaction includes Teva's manufacturing facility in Buffalo, New York, which produces Paragard exclusively.

The move comes following speculation that Teva was looking to sell it Women’s Health business, and amid pricing pressure, falling profits and investors’ concerns that it had paid too much - $40 billion – for the Actavis generics business in 2015, and comes hot on the heels of its welcome announcement that it has at last found a new chief executive in the form of Lundbeck’s Kare Schultz.