Teva Pharmaceuticals (NYSE:TEVA) said today that it closed the $675 million cash sale of its Plan B One-Step product and emergency contraception assets to Foundation Consumer Healthcare.
The move is part of Teva’s efforts to restructure its business, narrowing its focus on CNS and respiratory conditions. The company also plans to divest of its oncology and pain businesses in Europe.
“Today’s announcement, coupled with the recent completion of the sale of Paragard, exhibits Teva’s commitment to divest non-core businesses to ensure that we are even more focused and efficient in this rapidly changing and highly-competitive environment,” interim CFO Michael McClellan said in prepared remarks.
“Teva is extremely pleased to complete the sale of Plan B One-Step and value brands of emergency contraception, which brings a significant influx of cash into the organization to further progress our ability to repay term loan debt while also providing a clear path forward for these important emergency contraception products to continue to be available.”
Teva also said it is working on its agreement with CVC Capital Partners to sell the rest of its women’s health assets.