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The Cooper Companies Inc., a firm headquartered in Pleasanton, recently announced it completed its proposed purchase of the assets and global rights and business of the ParaGard contraceptive device from Teva Pharmaceutical Industries Ltd. for approximately $1.1 billion.
The acquisition brings the first contraceptive device to the company’s CooperSurgical division, rounding out CooperSurgical’s portfolio of women’s and family health care products and putting the division on track to become a billion-dollar company itself, according to Cooper Companies officials.
Cooper also announced it completed a $1.425 billion, five year senior unsecured term loan to fund the ParaGard acquisition, to provide working capital and for general corporate purposes.
ParaGard is a prescription intrauterine contraceptive that provides birth control through a T-shaped, copper-releasing device placed in the uterus that can prevent pregnancy for up to 10 years.
Cooper officials say purchasing the intrauterine copper contraceptive will help push CooperSurgical revenues over $600 million as well as result in about 30 new employees and two new facilities coming online in Buffalo, N.Y. and West Chester, Pa. to support ParaGard.
Headquartered in the Stoneridge Corporate Plaza on Stoneridge Mall Road, The Cooper Companies has more than 10,000 employees with products sold in more than 100 countries. A global medical device company publicly traded on the New York Stock Exchange, Cooper operates through two business units: CooperSurgical and CooperVision.
