Teva Women's Health Unit Attracts Interest of Church & Dwight, Cooper

Bloomberg Finance 10 months ago

Teva Pharmaceutical Industries Ltd.’s women’s health assets have drawn interest from U.S. health-care and consumer product makers Church & Dwight Co. and Cooper Cos., which are considering bidding for part of the portfolio, according to people familiar with the matter.

Final bids for Teva’s women’s health portfolio, which could be valued at $2 billion or more, are expected as early as this week, the people said, asking not to be identified because the deliberations are private. The Israeli drugmaker may sell the unit as a whole or split the U.S. and European assets after bidders showed interest in different parts of the unit, they said.

Church & Dwight and Cooper are most interested in the unit’s U.S. treatments and may compete with bids from European and Asian firms as well as private equity companies, the people said.

Teva, working to pare about $35 billion in debt after an ill-timed acquisition of Allergan Plc’s generics division, is divesting assets to preserve its credit ratings. The company is also considering disposals of its European oncology and pain treatments as well as its Medis unit. Teva may also sell some respiratory products, people familiar with the matter had said.

Other potential bidders for women’s health include India’s Intas Pharmaceuticals Ltd. and French buyout firm Astorg Partners, which could use the business to expand its portfolio firm HRA Pharma, the people said. Teva’s portfolio has also attracted buyout firms such as CVC Capital Partners, Apollo Global Management LLC, Avista Capital Partners, Thomas H. Lee Partners, Apax Partners, TPG Capital as well as France’s Pierre Fabre SA and Spain’s Chemo Group, people familiar with the matter have said previously.

No final decision has been made and the companies could still decide against a bid, the people said. Representatives for Teva and Church & Dwight declined to comment. A spokesman for Cooper, which would make the acquisition through its surgical division, didn’t have an immediate comment. Representatives for Intas and Astorg didn’t respond to calls.

— With assistance by P R Sanjai

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