Israel-based Teva Pharmaceutical has signed a definitive agreement to sell its intrauterine copper contraceptive device Paragard to US-based CooperSurgical for $1.1bn.

Included in Teva’s global Women’s Health business, Paragard is a copper-releasing device designed for placement under the uterus to prevent pregnancy for about ten years.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The device is reported to have generated revenue of about $168m for the trailing 12-month period that ended on 30 June.

In addition to the device, the agreement covers its manufacturing facility located in Buffalo, New York, US.

The move is part of the firm’s efforts to divest the assets of its global Women's Health, Oncology and Pain businesses in Europe.

Through the sale of these businesses and additional assets, the firm intends to obtain a minimum of $2bn in total proceeds.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company also intends to bolster the central nervous system (CNS) and respiratory therapeutic areas under its Global Specialty Medicines business.

"CooperSurgical’s commitment to women's health, fertility and diagnostics, will help to assure that patients in the US continue to benefit from access to Paragard."

Teva Pharmaceutical interim CEO Dr Yitzhak Peterburg said: “CooperSurgical’s commitment to women's health, fertility and diagnostics, will help to assure that patients in the US continue to benefit from access to Paragard.

“This is an important step towards completing the divestments we have promised our stakeholders.”

Planned to close by the end of this year, the divestiture deal with CooperSurgical is subject to customary conditions and clearances in the US.

Until the end of the transaction, Teva will continue to manufacture and sell the device, while it will also provide support for management of the business to meet the needs of customers and patients.

Image: Teva Pharmaceutical headquarters. Photo: courtesy of Teva Pharmaceutical Industries Ltd.