Israel-based Teva Pharmaceuticals will sell Paragard, its hormone-free intrauterine device, to Pleasanton, Calif.-based Cooper Companies for $1.1 billion, according to Bloomberg.
Under the deal, Cooper Cos. will gain control over Teva's manufacturing plant in Buffalo, N.Y., that solely makes Paragard.
The deal is expected to be completed by the end of 2017.
Teva, which is $35 billion in debt, will also divest its remaining global women's health assets, and oncology and pain relief businesses in Europe to shore up finances, according to Reuters.