Economy

Teva offloads its remaining women health biz for $1.38bn

Teva offloads its remaining women health biz for $1.38bn”

Teva has announced two deals in quick succession to sell off the entirety of its women's health business assets, raising nearly $2.5bn that will go towards paying off its debts.

Proceeds from these sales and from the recently announced sale of the Paragard contraceptive coil total $2.48 billion.

Teva has sold its women's health business in order to pay off some of its $35 billion in debts built up in acquiring Allergan's generics business.

Three banks have lined up around €430m of leveraged loans to back private equity firm CVC Capital Partners' acquisition of the remaining assets in Teva Pharmaceutical Industries' women's health business, banking sources said. The drugs include contraceptives Seasonique and Zoely, menopause medication Colpotrophine, fertility treatment Ovaleap, .

The company also agreed to sell Plan B One-Step, and other emergency contraception brands to Foundation Consumer Healthcare for $675 million in cash. Combined annual net sales of these products were $140 million previous year. "With these initial divestitures we have exceeded expectations".

Teva also lost a patent-infringement case in February to protect its best-selling, branded multiple-sclerosis drug Copaxone from competition by drug manufacturers who will make lower-cost, chemically-equivalent generic versions to sell.



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