PBR Staff Writer Published 02 February 2018
CVC Capital Partners has launched a new specialty pharmaceutical company in the UK following the completion of its $703m acquisition of a part of Israel-based Teva Pharmaceutical Industries’ global women’s health business.
The new company, named as Theramex, will manufacture products focused on women and their health. Theramex includes Teva’s formerly-owned women’s health product portfolio across contraception, fertility, menopause and osteoporosis.
The company will be based in London and will commercialize a variety of innovative, branded and branded generic products in 50 countries.
Some of the brands in Theramex’s portfolio include Ovaleap, Zoely, Estreva, Seasonique, Actonel and Lutenyl. Marketed out of the US, these brands had registered net sales of about $258m in the fiscal year 2016.
Theramex CEO Anish Mehta said: “Our commitment is to provide innovative, effective and safe solutions that care for and support women as they advance through each stage of their lives.
“We look forward to building on our strong heritage and enhancing our differentiated product portfolio to advance women’s health.”
It was in September 2017 that the Luxembourg-based private equity firm CVC Capital Partners entered into the deal with Teva through its CVC Capital Partners Fund VI.
At that time, Teva entered into a separate deal with Foundation Consumer Healthcare to sell Plan B One-Step, an emergency contraception pill along with other emergency contraception brands that include Take Action, Aftera, and Next Choice One Dose for about $675m.
The closing of the deal with CVC Capital Partners marked the completion of Teva’s planned sale of specialty products in women’s health.
Teva executive vice president and chief financial officer Michael McClellan said: “Teva is very pleased to complete the sale of our global women’s health portfolio today, which brings a significant influx of cash needed to further progress our ability to repay term loan debt.
“With the completion of today’s transaction, Teva has generated total proceeds of $2.48 billion from the women’s health divestitures, higher than the previously announced $2.3 billion expected proceeds.”
Image: Theramex’s portfolio will have products related to contraception, fertility, menopause and osteoporosis. Photo: courtesy of Areeya/FreeDigitalPhotos.net.