September 11, 2017 / 8:50 PM / a year ago

CORRECTED-UPDATE 1-Teva to sell 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 and the proceeds would be used to repay term loan debt, Teva said on Monday.

The deal with CooperSurgical includes the Isarel-based drug maker’s manufacturing facility in Buffalo, NY, which produces Paragard exclusively.

Paragard had revenue of about $168 million for the year ended June 30.

The deal comes on a day when Teva named smaller peer Lundbeck’s Chief Executive Kare Schultz as its new CEO, amid plans for more divestitures.

Teva said it will continue to manufacture and sell Paragard in the United States, until the deal is completed. (Reporting by Shailesh Kuber; Editing by Arun Koyyur)

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