Medical device company CooperCompanies has signed a binding agreement to buy Cook Medical’s Reproductive Health business in an $875m deal.
Under the terms of the deal, the company will pay $675m at the time of closing and a further $200m in four annual instalments of $50m each.
The Reproductive Health business of Cook Medical manufactures minimally invasive medical devices for fertility, obstetrics, gynaecology, in vitro fertilisation (IVF) and assisted reproductive technology (ART).
Cook Medical also developed the first needle specifically for use in IVF treatment.
CooperCompanies operates through two business units, CooperVision and CooperSurgical, and offers a range of products and services for women’s health and vision care.
Cooper expects the acquisition of Cook Medical’s Reproductive Health business to help boost CooperSurgical’s international fertility footprint, as well as its medical device portfolio.
CooperCompanies president and CEO Al White said: “We’re improving our international fertility footprint, especially within the Asia-Pacific region, and adding highly synergistic and respected labour and delivery devices to our ObGyn portfolio.
“These high-quality products will integrate seamlessly into our business and support CooperSurgical’s vision of a world with healthy women, babies and families.”
The deal is subject to regulatory approvals and local consultation obligations.
For a two-year transition period, Cook will continue to produce products for CooperSurgical and will also increase its production capacity to keep up with growth upon completion of the transaction.
Last November, CooperCompanies agreed to acquire Generate Life Sciences for approximately $1.6bn.