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) , Teens Bikini Company Update (NYSE:TEVA): Teva Pharmaceutical Industries Ltd (ADR) Sells Off Last of Specialty Global Womenâs Health Portfolio Assets in $1.38 Billion Deal
Company Update (NYSE:TEVA): Teva Pharmaceutical Industries Ltd (ADR) Sells Off Last of Specialty Global Women’s Health Portfolio Assets in $1.38 Billion Deal
Corey Williams-September 18, 2017, 8:41 AM EDT
Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) is saying goodbye to its remaining global women’s health business assets in exchange for $1.38 billion. In these two deals, Teva will take sale proceeds coupled with the proceeds from just announced sale of PARAGARD for another whopping $2.48 billion to advance term loan debt repayment.
Under the definitive agreement, CVC Capital Partners Fund VI will acquire a portfolio of products within its global women’s health business across contraception, fertility, menopause and osteoporosis for $703 million in cash. The portfolio of products, which is marketed and sold outside of the U.S., includes Ovaleap, Zoely, Seasonique, Colpotrophine, Actonel and additional products. Combined annual net sales of Ovaleap, Zoely, Seasonique, Colpotrophine, Actonel and additional products within this portfolio for the full year 2016 were $258 million.
Meanwhile, Teva has also entered into a definitive agreement under which Foundation Consumer Healthcare will acquire Plan B One-Step and Teva’s value brands of emergency contraception, Take Action, Aftera, and Next Choice One Dose for $675 million in cash. Combined annual net sales of Plan B One-Step, Take Action, Aftera, and Next Choice One Dose for the full year 2016 were $140 million.
“Today’s announcement, coupled with the recent announcement of the sale of PARAGARD for $1.1 billion, demonstrate Teva’s commitment to delivering on our promise to generate net proceeds of at least $2 billion from the divestiture of non-core assets,” stated Dr. Yitzhak Peterburg, Interim CEO. “With these initial divestitures we have exceeded expectations, leveraging the tremendous value we have built within Teva’s specialty business.”
Rothschild & Co, Royal Bank of Canada, Jeffries LLC and Barclays acted as financial advisors to CVC Capital Partners and Jones Day as CVC’s legal advisors for the transaction.
Foundation Consumer Healthcare is owned by affiliates of Juggernaut Capital Partners and Kelso & Company. Jeffries 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. (Original Source)
Shares of Teva Pharmaceutical Industries closed on Friday at $18.1, down $0.26 or -1.42%. TEVA has a 1-year high of $51.61 and a 1-year low of $15.22. The stock’s 50-day moving average is $18.61 and its 200-day moving average is $28.46.
On the ratings front, Teva has been the subject of a number of recent research reports. In a report released today, RBC analyst Randall Stanicky maintained a Sell rating on TEVA, with a price target of $15, which reflects a potential downside of -17% from last closing price. Separately, on September 12, Jefferies Co.’s David Steinberg reiterated a Hold rating on the stock and has a price target of $21.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Randall Stanicky and David Steinberg have a yearly average loss of -12.1% and a return of 6.7% respectively. Stanicky has a success rate of 27% and is ranked #4586 out of 4651 analysts, while Steinberg has a success rate of 47% and is ranked #701.
Sentiment on the street is mostly neutral on TEVA stock. Out of 17 analysts who cover the stock, 12 suggest a Hold rating , 3 suggest a Sell and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $22.27, which represents a potential upside of 23% from where the stock is currently trading.