Teva Pharmaceuticals (NYSE:TEVA) has finished the $703 million sale of a portfolio of products in its global women’s health business to CVC Capital Partners.
The portfolio of divested products includes fertility medicines like Ovaleap, oral contraceptives like Zoely and osteoporosis drugs like Actonel. Now that the sale is closed, the portfolio of medicines will be sold under a business branded as “Theramex,” according to Teva.
“Today’s announcement marks the completion of Teva’s planned divestment of specialty products in women’s health,” EVP & chief finance executive Michael McClellan said in prepared remarks.
“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 $2.48 billion from the women’s health divestitures, higher than the previously announced $2.3 billion expected proceeds.”
In an attempt to pay down its debt, Teva is looking to restructure its business. Over the last few months, the pharmaceutical company has sold off its Plan B contraceptive business in a $675 million cash sale, as well as its Paragard intrauterine copper contraceptive device asset in a $1.1 billion sale.
Teva also announced mid-December that it planned to slash 14,000 jobs – more than 25% of its global workforce. The news of the layoffs sparked protests across Israel, where Teva has its headquarters.
