Teva Pharmaceutical sells women's health business for $1.38bn

Teva Pharmaceutical has entered into two agreements to sell the remaining assets of its specialty global women's health business for $1.38bn.

Proceeds from the sales, along with proceeds from the recently-announced sale of Paragard total $2.48bn and will be used to progress repayment of term loan debt.

CVC Capital Partners Fund VI will buy a portfolio of products within Teva's global women's health business across contraception, fertility, menopause and osteoporosis for $703m in cash. The company has also entered into a definitive agreement under which Foundation Consumer Healthcare will buy Plan B One-Step and Teva’s value brands of emergency contraception for $675m in cash.

Interim chief executive officer Dr. Yitzhak Peterburg said: "Today’s announcement, coupled with the recent announcement of the sale of Paragard for $1.1bn, demonstrate Teva’s commitment to delivering on our promise to generate net proceeds of at least $2bn from the divestiture of non-core assets.

"With these initial divestitures we have exceeded expectations, leveraging the tremendous value we have built within Teva’s specialty business."