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August 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Cooper Cos. acquires rights to Teva IUD for $1.1 billion

The Cooper Cos. Inc., parent of Trumbull’s CooperSurgical, has closed its purchase of the assets and global rights and business of the Paragard Intrauterine Device from Teva Pharmaceutical Industries Ltd. for approximately $1.1 billion.

The move is expected to help push Cooper revenues to over $600 million, according to the company.

In conjunction with the transaction, Cooper also announced it has closed a $1.425 billion, five-year senior unsecured term loan. The company intends to use the facility to fund the acquisition, to provide working capital and for general corporate purposes. The term loan is instead of a previously announced $1.1 billion bridge loan commitment.