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Fly News Breaks for September 12, 2017
COO, TEVA
Sep 12, 2017 | 07:16 EDT
Wells Fargo analyst David Maris notes that Teva (TEVA) announced that it has entered into a definitive asset purchase agreement with Cooper Companies (COO) to sell its global rights and business of PARAGARD Intrauterine Device in a $1.1B cash transaction. The analyst thinks investors will like this news as in addition to good price for the asset, and the recent share decline has been likely due in part to investor worries that the debt burden is high, asset sales tend to assuage investors anxiety. Maris estimates this deal is dilutive to Teva by an immaterial amount. He reiterates a Market Perform rating on Teva's shares.
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