Photographer: Akos Stiller/Bloomberg

CVC Nears Deal for Teva’s European Women's Health Assets

  • Assets may fetch $800 million with deal announced in days
  • Israeli firm is selling businesses to reduce its debt load

Buyout firm CVC Capital Partners is nearing an agreement to buy Teva Pharmaceutical Industries Ltd.’s women’s health assets outside the U.S., according to people familiar with the matter.

Talks are advanced and an agreement could be reached in the next few days, the people said, asking not to be identified because the deliberations are private. The mostly European assets could be valued at about $800 million, the people said.

No final decision has been made and other bidders such as Spain’s closely held Chemo Group have expressed interest in the assets, the people said. Representatives for Teva and Chemo declined to comment. A spokesman for CVC didn’t have an immediate comment.

Teva, which named Kaare Schultz of H. Lundbeck A/S as its new chief executive officer on Monday, is selling assets to pare more than $30 billion in debt. This week, the Israeli drugmaker agreed to sell its ParaGard contraceptive business to Cooper Cos. for $1.1 billion. The rest of Teva’s U.S. women’s health business has attracted companies such as Church & Dwight Co. and French buyout firm Astorg Partners, people familiar with the matter said last month.

Separately, Teva is considering a sale of its European oncology and pain assets, which has attracted interest from Indian drugmaker Intas Pharmaceuticals Ltd., a person familiar with the matter said. Cerberus Capital Management and Advent International have also considered bids, people familiar with the matter have said.

A representative for Intas didn’t immediately respond to requests for comment.

— With assistance by Sarah Syed, and Ari Altstedter

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