The FTC issued a statement announcing that it learned that the Cooper Companies terminated its planned acquisition of a Cook Medical business.
In February 2022, Cook Medical signed a letter of intent to sell its Reproductive Health business to CooperCompanies. The deal totaled $875 million. Cooper agreed to pay $675 million at closing and the remaining $200 million in four $50 million annual installments.
Cook Medical’s Reproductive Health business developed products for obstetrics and gynecology, in vitro fertilization (IVF) and assisted reproductive technology (ART). That includes developing the first needle specifically for IVF treatments, the company previously said.
The companies anticipated the closing of the deal could come as soon as the second quarter of 2022. However, the FTC launched an investigation to determine whether the deal was potentially anti-competitive.
Upon learning of the decision to terminate the acquisition, FTC Bureau of Competition Director Holly Vedova issued this statement:
“Following a full-phase investigation by FTC staff, CooperCompanies’ decision to abandon this proposed acquisition 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. I want to express my appreciation for the cooperation between FTC staff and competition agencies in Australia and the United Kingdom.”
Cooper Companies declined to comment on the termination of the deal.
MassDevice reached out to Cook Medical for comment — this story may be updated.