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13 September 2017Americas

Teva sells Paragard contraceptive for $1.1bn

Medical device firm Cooper Companies has agreed to acquire the global rights to Teva’s Paragard intrauterine device (IUD) for $1.1 billion.

The contraceptive is currently on sale in the US and has a revenue of $168 million for the 12-month period ending June 30, 2017.

Cooper estimated that the IUD market in the US is valued at $1 billion, with expected growth in the mid-to-single digits.

Approximately 16% of the US market is believed to be non-hormonal IUDs with Paragard being the only approved product in the space.

The boards of directors of both companies unanimously approved the deal, which is expected to take place before the end of the year.

Cooper has acquired a loan of $1.1 billion to support the funding of the acquisition.

Robert Weiss, president of Cooper, said: “Cooper Surgical will now offer the only IUD on the US market that is hormone-free, long-lasting, and reversible. This is also a perfect strategic fit as it leverages Cooper Surgical's long-standing, strong relationships with gynecologists."

Cooper Surgical is one of two business units of the Cooper Companies.

Teva said in a statement: "Teva is extremely pleased to enter into this agreement with Cooper Surgical which is the first of a number of planned divestitures of certain segments of our business that are not aligned with our strategic direction and future portfolio."

Yesterday, September 12, LSIPR reported that Teva settled a dispute with Bristol-Myers Squibb (BMS) and Pfizer.

BMS and Pfizer had sued Teva after it filed an Abbreviated New Drug Application to produce a generic version of Eliquis (apixaban), an anticoagulant.

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