Teva to receive $703 million cash proceeds to progress repayment of
term loan debt
JERUSALEM--(BUSINESS WIRE)--Feb. 1, 2018--
Teva Pharmaceutical Industries Ltd., (NYSE and TASE: TEVA) today
announced it has completed the sale of a portfolio of products within
its global women’s health business across contraception, fertility,
menopause and osteoporosis for $703 million in cash. The portfolio,
which is marketed and sold outside of the U.S., includes Ovaleap®,
Zoely®, Seasonique®, Colpotrophine®,
Actonel® and additional products. The business will be known
as “Theramex”.
“Today’s announcement marks the completion of Teva’s planned divestment
of specialty products in women’s health,” stated Michael McClellan,
Executive Vice President and Chief Financial Officer at Teva. “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.”
Morgan Stanley acted as financial advisor to Teva, Ernst & Young served
as accounting advisor and Goodwin Procter is Teva’s legal counsel for
the transaction.
Rothschild & Co, Royal Bank of Canada, Jefferies LLC and Barclays acted
as financial advisors to CVC Capital Partners for the transaction.
Latham Watkins and Jones Day acted as legal advisors to CVC Capital
Partners.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading
global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions used by approximately 200 million
patients in over 60 markets every day. Headquartered in Israel, Teva is
the world’s largest generic medicines producer, leveraging its portfolio
of more than 1,800 molecules to produce a wide range of generic products
in nearly every therapeutic area. In specialty medicines, Teva has the
world-leading innovative treatment for multiple sclerosis as well as
late-stage development programs for other disorders of the central
nervous system, including movement disorders, migraine, pain and
neurodegenerative conditions, as well as a broad portfolio of
respiratory products. Teva is leveraging its generics and specialty
capabilities in order to seek new ways of addressing unmet patient needs
by combining drug development with devices, services and technologies.
Teva's net revenues in 2016 were $21.9 billion. For more information,
visit www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
regarding the completion of the Teva's global women's health divestiture
which are based on management’s current beliefs and expectations and are
subject to substantial risks and uncertainties, both known and unknown,
that could cause our future results, performance or achievements to
differ significantly from that expressed or implied by such
forward-looking statements. Important factors that could cause or
contribute to such differences include risks relating to:
-
the potential that the expected benefits and opportunities related
to the divestiture may not be realized or may take longer to realize
than expected;
-
litigation in respect of either company or the divestiture;
-
our ability to complete additional divestitures, including our
ability to identify purchasers and negotiate terms acceptable to us;
-
our substantially increased indebtedness and significantly
decreased cash on hand, which may limit our ability to incur
additional indebtedness, engage in additional transactions or make new
investments, and may result in a downgrade of our credit ratings;
-
our business and operations in general, including: uncertainties
relating to the potential success and our ability to effectively
execute our restructuring plan; uncertainties relating to the
potential benefits and success of our new organizational structure and
recent senior management changes; our ability to develop and
commercialize additional pharmaceutical products; manufacturing or
quality control problems, which may damage our reputation for quality
production and require costly remediation; interruptions in our supply
chain; disruptions of our or third party information technology
systems or breaches of our data security; the restructuring of our
manufacturing network, including potential related labor unrest; the
impact of continuing consolidation of our distributors and customers;
and variations in patent laws that may adversely affect our ability to
manufacture our products; our ability to consummate dispositions on
terms acceptable to us; adverse effects of political or economic
instability, major hostilities or terrorism on our significant
worldwide operations; and our ability to successfully bid for suitable
acquisition targets or licensing opportunities, or to consummate and
integrate acquisitions;
-
compliance, regulatory and litigation matters, including: costs and
delays resulting from the extensive governmental regulation to which
we are subject; the effects of reforms in healthcare regulation and
reductions in pharmaceutical pricing, reimbursement and coverage;
potential additional adverse consequences following our resolution
with the U.S. government of our FCPA investigation; governmental
investigations into sales and marketing practices; potential liability
for sales of generic products prior to a final resolution of
outstanding patent litigation; product liability claims; increased
government scrutiny of our patent settlement agreements; failure to
comply with complex Medicare and Medicaid reporting and payment
obligations; and environmental risks;
-
and other factors discussed in our Annual Report on Form 20-F for
the year ended December 31, 2016 (“Annual Report”), including in the
section captioned “Risk Factors.” and in our other filings with the
U.S. Securities and Exchange Commission, which are available at www.sec.gov
and www.tevapharm.com.
Forward-looking statements speak only as of the date on which they are
made, and we assume no obligation to update or revise any
forward-looking statements or other information contained herein,
whether as a result of new information, future events or otherwise.
You are cautioned not to put undue reliance on these forward-looking
statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180201005087/en/
Source: Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd.
IR Contacts:
United States
Kevin
C. Mannix, 215-591-8912
Ran Meir, 215-591-3033
or
Israel
Tomer
Amitai, 972 (3) 926-7656
or
PR Contacts:
Israel
Yonatan
Beker, 972 (54) 888-5898
or
United States
Kaelan
Hollon, 202-412-7076
Michelle Larkin, 610-786-7335