Teva earlier this week inked a pact to sell off one of its women’s health products—and now it’s closing in on a deal to divest that business’s assets outside the U.S.
The embattled Israeli drugmaker and CVC Capital Partners are close to an agreement, and the pair could strike a bargain in the next few days, Bloomberg reported. The portfolio, which contains mostly European products, could be valued at about $800 million, the news service’s sources said.
A CVC buy isn’t a sure thing, though. Other suitors are involved, such as Spain’s Chemo Group, which has expressed its interest.
Any deal would follow up on Teva’s $1.1 billion sale of intrauterine copper contraceptive Paragard to CooperSurgical, unveiled earlier this week. The selloff was the first of many promised by the struggling pharma to help raise cash to pay down the debt it incurred with an ill-fated, $40 billion-plus purchase of Allergan’s generics unit.
The company is still looking for a buyer for its European oncology and pain business, which has sparked interest from India's Intas, Cerberus Capital Management and Advent International, Bloomberg noted. And still more deals could follow: Teva has said it’s working to generate at least $2 billion through the transactions by the end of the year.
After a tumultuous month that featured the announcement of thousands of layoffs and big slashing to Teva’s guidance and dividend, to investors, the moves are welcome. Teva also earlier this week finally filled its CEO slot, tapping Lundbeck chief and former Novo Nordisk exec Kåre Schultz.