Economy

Teva to sell its contraceptive brand Paragard in $1.1 bln deal

Teva to sell its contraceptive brand Paragard in $1.1 bln deal”

The transaction includes Teva's manufacturing facility in Buffalo, N.Y., which makes Paragard.

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

The financially troubled Israeli pharmaceutical company is selling assets to reduce over $30 billion in debt, which it assumed following the acquisition of Actavis past year.

The company's US -listed shares were up 1.4 percent at $18.75 in extended trading after closing up 19.3 percent in regular trading.

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

With competition facing its best-selling multiple sclerosis drug Copaxone (glatiramer) and plenty of turmoil among its management ranks, Teva has been looking to sell off non-core assets in hopes of bringing down the large pile of debt - most of which was accrued in the acquisition of the Actavis generics unit from Allergan for $41 billion previous year.

Schultz will replace Yitzhak Peterburg who has been interim CEO since February. When all is said and done-which should be by the end of the year-it expects to pocket at least $2 billion.

The sale of the business is the first step in the planned divestment of non-core assets, Teva said on Monday.

Teva stressed that it is reinforcing its strategic focus on CNS and Respiratory as its core global therapeutic areas of focus within Global Specialty Medicines.

Teva said it will continue to manufacture and sell Paragard in the United States, until the deal is completed, which is expected before the year end.

Morgan Stanley and Ernst & Young acted as advisors to Teva and Goodwin Procter as Teva's legal counsel for this deal.



Like this

loading...
loading...

Latest


13 September 2017
Vipshop Holdings Limited (NYSE:VIPS) Quarterly Analytical Analysis
The technology company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by $0.01. TRADEMARK VIOLATION WARNING: This news story was originally posted by Week Herald and is the property of of Week Herald.

13 September 2017
Hot Stock Overview: Chubb Limited (CB)
CB is now undervalued by -7.16% relative to the average 1-year price target of $157.13 taken from a group of Wall Street Analysts. Chubb Limited (CB ) belonging to the Financial Services sector has surged 3.57% and closed its last trading session at $145.88.

13 September 2017
General Mills (NYSE:GIS) Receiving Somewhat Positive Press Coverage, Report Finds
On Tuesday, September 20 the stock rating was downgraded by Consumer Edge to "Underperform". (NYSE: GIS ) for 642,533 shares. In the most updated research from a number of analysts on Wall Street, the company gets 2 Buys and 0 Sell among 10 analysts.

13 September 2017
Diebold, Incorporated (DBD) Issues Earnings Results
Also, SVP Olaf Robert Heyden acquired 2,000 shares of the company's stock in a transaction that occurred on Wednesday, July 26th. Tieton Capital Management Llc owns 81,613 shares or 1.26% of their USA portfolio. 481,533 shares of the company were exchanged.

13 September 2017
BMW M8 GTE brings BMW back to 24 Hours of Le Mans
There's a massive wing, side skirts, an aggressive front splitter, and huge air intakes, all wrapped in BMW's racing livery. BMW says the head and block are from the production engine, so we can expect the to see the same mill in the street auto .

13 September 2017
Analysts Showing Optimistic Trends For Campbell Soup Company (CPB)
The share price of Campbell Soup Company (NYSE: CPB ) was down -0.40% during the last trading session, with a day high of 48.39. Trust Department Mb Fin National Bank N A holds 0.01% of its portfolio in Campbell Soup Company (NYSE: CPB ) for 1,300 shares.

13 September 2017
Carey Mulligan Welcomes Second Child with Marcus Mumford!
Now a family of four! Carey Mulligan and Marcus Mumford have welcomed their second child, Us Weekly confirms. For the latest celebrity entertainment, news and lifestyle videos, subscribe to Us Weekly's YouTube Page .

13 September 2017
Ten people died as Hurricane Irma battered Cuba
Majority died in Havana, where chest-deep seawater pushed several blocks into densely populated neighborhoods. National Hurricane Center reported.

13 September 2017
Sterling Construction Company Inc (NASDAQ:STRL) Shares Bought by Vanguard Group Inc
The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website . TRADEMARK VIOLATION WARNING: This piece was originally posted by Dispatch Tribunal and is owned by of Dispatch Tribunal.

13 September 2017
Westinghouse Air Brake Technologies Corporation (WAB) Receives $90.13 Consensus PT from Analysts
It increased, as 40 investors sold WAB shares while 153 reduced holdings. 52 funds opened positions while 133 raised stakes. LLC boosted its holdings in shares of Westinghouse Air Brake Technologies Corporation by 15.7% during the second quarter.