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CORRECTED-Teva to sell its contraceptive brand Paragard in $1.1 bln deal
September 11, 2017 / 8:36 PM / 9 days ago

CORRECTED-Teva to sell its contraceptive brand Paragard in $1.1 bln deal

(Corrects first paragraph to say the sale was to a unit of Cooper Cos)

Sept 11 (Reuters) - Teva Pharmaceutical Industries , said it has agreed to sell Paragard, its intrauterine copper contraceptive brand, to a unit of Cooper Cos in a $1.1 billion cash deal.

The sale of the business is the first step in the planned divestment of non-core assets, Teva said on Monday.

The deal includes the drug maker’s manufacturing facility in Buffalo, NY, which produces Paragard exclusively.

The deal comes on a day when Teva named smaller peer Lundbeck’s Kare Schultz as its new chief executive and amid plans for more divestitures. (Reporting by Shailesh Kuber; Editing by Arun Koyyur)

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