Teva Pharmaceutical Industries Ltd (NYSE:TEVA) has unveiled two deals which see it dispose of its remaining women’s health products for US$1.38bn.
It is selling contraception, fertility, menopause and osteoporosis drugs to CVC Capital Partners Fund VI for US$703mln in cash, and separately it will sell emergency contraception products to Foundation Consumer Healthcare for US$675mln in cash.
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Dr Yitzhak Peterburg, Teva interim chief executive, highlighted that the deals follow an earlier US$1.1bn transaction for Paragard and all comes as the company continued its plan of divesting at least US$2bn of non-core assets.
“With these initial divestitures we have exceeded expectations, leveraging the tremendous value we have built within Teva’s specialty business,” Peterburg said in a statement
He added that the deal will “progress our ability to repay term loan debt while also providing a clear path forward for these important products to continue to be available to women throughout the world.”
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