Sector News

Teva finishes women's health sale with deals worth $1.38B

September 18, 2017
Life sciences

Teva, which has been rumored to be looking to offload its women’s health unit since April, has finally gotten that done. After selling one piece of the biz for more than $1 billion a week ago, the beleaguered drugmaker today unveiled terms to sell the remaining products for $1.38 billion, which it can use to pay down debt.

Teva announced a sale of contraception, fertility, menopause and osteoporosis products to CVC Capital Partners Fund VI for $703 million Monday morning. The products generated $258 million in sales last year. Simultaneously, Teva sold emergency contraception brands, which brought in $140 million last year, to Foundation Consumer Healthcare for $675 million. The deals are expected to close yet this year.

The sales come just one week after Teva offloaded its intrauterine copper contraceptive Paragard to CooperSurgical for $1.1 billion. Together, the agreements represent women’s health divestitures totaling $2.48 billion. Teva picked up the women’s health unit from Merck KGaA for €265 million in 2010.

It’s all part of an effort to refocus and pay down debt for a drugmaker that has had a tough year. After picking up Allergan’s generics offerings for $40.5 billion back in 2015, Teva has suffered from negative pricing dynamics in the field and various other challenges. It recently hired a new CEO and announced a major round of layoffs—7,000 jobs—in an attempt to improve its fortunes.

Teva is still looking for a buyer for its European oncology and pain assets, another business slated for a sale.

Teva began exploring the women’s health sale following the departure of former CEO Erez Vigodman earlier this year, according to a Bloomberg report at the time. The drugmaker then kicked off a CEO search that ultimately landed on Lundbeck CEO Kåre Schultz. Schultz will be tasked with engineering a turnaround for a drugmaker that has seen its share price fall by 64% in one year.

By Eric Sagonowsky

Source: Fierce Pharma

comments closed

Related News

February 4, 2023

MedTrace receives U.S. patent for diagnosing the human heart

Life sciences

The U.S. Patent and Trademark Office issued a patent to MedTrace for their method of diagnosing the human heart via 15O-water PET. The patented method is the foundation of the company’s software aQuant, currently under development. Hendrik “Hans” Harms, PhD and Senior Scientist at MedTrace, and Jens Soerensen, Professor and Clinical Advisor to MedTrace, are the originators of the method.

February 4, 2023

Roche taps insider Teresa Graham for top pharma job as setbacks prompt M&A questions

Life sciences

Teresa Graham, currently head of global product strategy for Roche pharma, will become the division’s new CEO next month, Roche said Thursday. Simultaneously, Roche is elevating Levi Garraway, chief medical officer, to the executive committee.

February 4, 2023

J&J’s pharma group quietly works through global overhaul, with layoffs expected to reach multiple countries

Life sciences

Fierce Pharma has obtained internal documents and video of a town hall meeting conducted this week describing what J&J called a “comprehensive review” of its portfolio. Moving forward, J&J plans to operate its vaccines and infectious diseases outfits as one group, the executives explained.

How can we help you?

We're easy to reach