Cooper Buys Teva's ParaGard IUD for $1.1B
CooperSurgical announced this week that they would acquire Teva’s ParaGard intrauterine contraceptive device for $1.1 billion in cash. Bloomberg notes that the product recorded $168.0 million in sales over the last 12 months, suggesting a 6.5x revenue multiple for the transaction. ParaGard is copper-releasing and is the only non-hormonal IUD on the market in the U.S. The device is approved for marketing only in the U.S., and the transaction includes Teva’s ParaGard manufacturing facility in Buffalo, New York. The deal is expected to close by the end of the year, pending antitrust approval.
Teva has been selling assets to pay down debt, and intends to pursue the sale of the remaining assets of its global Women’s Health business, in addition to its Oncology and Pain businesses in Europe. The company expects to generate a total of $2B from the sale of these assets.
Posted September 14, 2017