Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA) bolted out of the blocks at Tuesday’s opening bell. The Israel-based drug company reported the sale of PARAGARD to CooperSurgical for $1.1 billion in cash.
PARAGARD is currently sold only in the U.S. and had revenues of approximately $168 million for the trailing 12-month period ending June 30, 2017. Excluding acquisition and integration related expenses and deal-related amortization, the transaction is expected to be accretive to Cooper’s gross and operating margins, and approximately $0.70 to $0.75 accretive to earnings per share in year one. The acquired business includes Teva’s manufacturing facility in Buffalo, NY, which exclusively produces the PARAGARD IUD.
On Tuesday, the company announced announced data from a real-world evidence study showing that in patients with asthma and chronic obstructive pulmonary disease (COPD), DuoResp Spiromax®(budesonide/formoterol fumarate dihydrate) was non-inferior to Symbicort Turbuhaler® (budesonide/formoterol fumarate dihydrate) in regards to disease control. Asthma affects approximately 30 million people across Europe, with 5.4 million of those people living in the U.K. alone.
The real-world study evaluated the non-inferiority in regards to disease control of DuoResp Spiromax® following change in treatment from Symbicort Turbuhaler® versus staying on Symbicort Turbuhaler® in more than 1,000 patients with respiratory disease, three-quarters of that number with asthma.
Teva Respiratory develops and delivers high-quality treatment options for respiratory conditions, including asthma, COPD, cystic fibrosis and allergic rhinitis
Its stock sprang 96 cents, or 5.2%, from Monday’s close to $19.46, within a 52-week trading range of $15.22 to $52.66.
