Goodwin’s Life Sciences team advised Teva Pharmaceutical Industries Ltd. on two definitive agreements to sell the remaining assets of its specialty global women’s health business for $1.38 billion. Proceeds from these sales, combined with proceeds from the recently announced sale of PARAGARD®, on which Goodwin also advised Teva, total $2.48 billion and will be used by Teva to progress repayment of term loan debt.
Teva has entered into an agreement under which CVC Capital Partners Fund VI will acquire a portfolio of products within Teva’s global women’s health business across contraception, fertility, menopause and osteoporosis for $703 million in cash.
The Goodwin team was led by partners David Henken, Robert Crawford, Gregg Katz and Kingsley Taft, and included partners Milena Tantcheva, Ed Amer, James Matarese and Simon Fulbrook; and associates Richard Hughes, Melissa Paddock, Jennifer Ford, Emily Beman, Peter Hanoian, Claudia Torres, Sarah Smith, Catherine Magazu, Chloe Pletner, Sam Davis, Courtney Allessio, John Ilardo, Federica De Santis, Isabelle Meyrier and Anja Maier.
Teva has also entered into an agreement under which Foundation Consumer Healthcare will acquire Plan B One-Step® and Teva’s value brands of emergency contraception, Take Action®, Aftera®, and Next Choice One Dose® for $675 million in cash.
The Goodwin team was led by partners David Henken, Robert Crawford, Gregg Katz, Ed Amer, John Mutkoski and Kingsley Taft and included partners Andrea Murino, Milena Tantcheva and James Matarese; counsel Kirby Lewis; and associates Melissa Paddock, Jennifer Ford, Emily Beman, Peter Hanoian, Claudia Torres, Sarah Smith, Catherine Magazu, Chloe Pletner, Sam Davis, and John Ilardo.
With the divestiture of Teva’s global women’s health products, Teva is reinforcing its strategic focus on CNS and Respiratory as its core global therapeutic areas of focus within Global Specialty Medicines. Completion of the transactions is subject to customary conditions, including antitrust clearance in the U.S. The transactions are expected to close before the end of 2017.
Teva Pharmaceutical Industries Ltd. is a leading global pharmaceutical company that delivers high-quality, patient-centric healthcare solutions used by approximately 200 million patients in over 60 markets every day.
For additional details, please read the press release.