Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) announced today it has completed the sale of a portfolio of products within its global women’s health business to CVC Capital Partners. The business will be known as “Theramex”.
As a reminder, in September 2017, Teva has entered into a definitive agreement under which CVC 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.
“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.”
Shares of Teva closed yesterday at $20.41, down $0.24 or -1.16%. TEVA has a 1-year high of $37.94 and a 1-year low of $10.85. The stock’s 50-day moving average is $19.70 and its 200-day moving average is $18.17.
On the ratings front, Teva stock has been the subject of a number of recent research reports. In a report released yesterday, Guggenheim analyst Rohit Vanjani reiterated a Hold rating on TEVA, while on January 30, RBC’s Randall Stanicky reiterated a Sell rating on the stock and has a price target of $13.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Rohit Vanjani and Randall Stanicky have a yearly average return of 12.7% and a loss of -11.4% respectively. Vanjani has a success rate of 53% and is ranked #638 out of 4755 analysts, while Stanicky has a success rate of 30% and is ranked #4703.
Sentiment on the street is mostly neutral on TEVA stock. Out of 21 analysts who cover the stock, 13 suggest a Hold rating , 4 suggest a Sell and 4 recommend to Buy the stock. The 12-month average price target assigned to the stock is $18.64, which reflects a potential downside of -9% from last closing price.