After introducing its new CEO, Teva Pharmaceutical announced that it will sell its contraceptive brand Paragard to Cooper Cos for $1.1 billion. The deal includes Teva’s manufacturing facility in Buffalo, New York.
According to the drugmaker, the sale of the business is an initial step in the planned divestment of non-core assets in order to repay a portion of its $35 billion in debt.
Teva said it expects to generate at least $2 billion by year end from the sale of the remaining assets of its global women’s health business, as well as its oncology and pain businesses in Europe.
Read the Reuters report