BLOOMINGTON: Cook Medical signed a letter of intent with CooperCompanies to sell the entirety of Cook’s Reproductive Health business within the MedSurg division.
Under the proposed transaction, CooperCompanies will pay $875 million comprised of $675 million at closing and $200 million paid in four $50 million annual installments. The proposed transaction is subject to compliance with applicable local consultation obligations and regulatory approvals.
CooperCompanies (NYSE:COO), a publicly held healthcare company, is focused on women’s health and fertility solutions, providing innovative products and services for every step in the ART journey.
For more than 40 years, Cook has had a focus on Reproductive Health, successfully developing products for obstetrics and gynecology, In Vitro Fertilization (IVF) and Assisted Reproductive Technology (ART).
Cook’s history with Reproductive Health is full of innovations that help patients fulfill their dreams of having a family, including developing the first needle specifically for IVF treatments.
“Our history with reproductive health has been full of innovations to help patients fulfill their dreams of having a family,” said D.J. Sirota, senior vice president of Cook Medical’s MedSurg specialty.
“This agreement represents more than a simple transaction; it is a commitment to offer a more complete range of solutions to customers and patients around the world. CooperSurgical is uniquely positioned to combine Cook’s reproductive health portfolio with their resources and plans to significantly invest in this product portfolio.”
Pete Yonkman, president of Cook Medical and Cook Group said, “Like we always have been, we remain committed to the communities where we have facilities and employees, including Spencer, Vandergrift, and Brisbane where these products are manufactured.”
“This agreement will allow us to invest in future growth and new technologies. The rest of the Cook organization will continue as privately held, family-owned companies with no plans to change that status.