CooperCompanies, a global medical device company headquartered in Pleasanton, Calif., has terminated its $875 million proposed acquisition of Cook Medical Holdings' reproductive health business.
The planned acquisition had aimed to expand CooperCompanies' international fertility footprint — especially within the Asia-Pacific region — and add "highly synergistic and respected labor and delivery devices to our OBGYN portfolio," CooperCompanies President and CEO Al White said.
However, after an investigation by the Federal Trade Commission, CooperCompanies decided to abandon the deal. The FTC said the move ensures that critical reproductive health markets "remain competitive."
"The FTC is committed to protecting patients from higher costs and preserving the incentive to innovate. This deal termination protects competition and is a win for patients," FTC Bureau of Competition Director Holly Vedova said in a July 31 statement. "I want to express my appreciation for the cooperation between FTC staff and competition agencies in Australia and the United Kingdom."