Teva Pharmaceutical has completed the divestiture of a portfolio of products under its specialist global women’s health business to CVC Capital Partners for $703m.
Marketed outside the US, the range includes products such as Ovaleap, Zoely, Seasonique, Colpotrophine and Actonel across contraception, fertility, menopause and osteoporosis segments.
This transaction is one of two definitive agreements signed by Teva in September last year to divest the remaining assets of the specialist business for a total consideration of $1.38bn.
The second deal involved Foundation Consumer Healthcare, which agreed to buy Plan B One-Step, along with emergency contraception value brands Take Action, Aftera and Next Choice One Dose for $675m.
Teva completed this transaction in November last year. Following the completion of the entire divestiture, the women’s health business will be branded as Theramex.
Teva Pharmaceutical executive-vice president and chief financial officer Michael McClellan said: “Today’s announcement marks the completion of Teva’s planned divestment of specialist products in women’s health.
“Teva is very pleased to complete the sale of our global women’s health portfolio today, which brings a significant influx of cash needed to further progress our ability to repay term loan debt.
“With the completion of today’s transaction, Teva has generated total proceeds of $2.48bn from the women’s health divestitures, higher than the previously announced $2.3bn expected proceeds.”
In 2016, combined net sales of Ovaleap, Zoely, Seasonique, Colpotrophine, Actonel and additional products sold to CVC was $258m, while Plan B One-Step, Take Action, Aftera and Next Choice One Dose jointly generated $140m.
