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.



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