The FINANCIAL -- Teva Pharmaceutical Industries Ltd., on November 2 announced it has completed the sale of Plan B One-Step and Teva’s value brands of emergency contraception to Foundation Consumer Healthcare in a $675 million cash transaction.
“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,” stated Michael McClellan, interim CFO of Teva. “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 continues to progress and actively pursue additional divestiture opportunities, including the previously announced agreement with CVC Capital Partners for the sale of the remaining assets of its global Women's Health business. Teva expects to generate at least $2.3 billion in total proceeds from the sale of these businesses, as well as additional asset sales to be executed by year end 2017, according to Teva.
Morgan Stanley acted as financial advisor to Teva, Ernst & Young served as accounting advisor and Goodwin Procter is Teva’s legal counsel for this transaction.
Foundation Consumer Healthcare is owned by affiliates of Juggernaut Capital Partners and Kelso & Company. Jefferies LLC, Sawaya Segalas & Co., LLC and Barclays acted as financial advisors to Foundation Consumer Healthcare and Robinson Bradshaw are Foundation Consumer Healthcare’s legal counsel for the transaction. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal adviser to Kelso & Company.