Cook Medical today agreed to sell some reproductive health and otolaryngology product lines to Cooper Cos., the companies announced.
The purchase price was $300 million. The products in the sale represent about 2.5% of Cook Medical’s sales. Manufacturing will get transferred to Cooper Cos. over a two-year period.
The news comes about three months after the Federal Trade Commission announced that the companies had abandoned a proposed $875 million acquisition of the Cook Medical Reproductive Health business. The FTC had investigated whether the previous deal was anti-competitive.
The new deal includes select products from Cook Medical’s maternal fetal medicine portfolio — as well as gynecological surgery products, Doppler monitor technology, disposable devices, and accessories.
“This acquisition is an excellent strategic fit for CooperSurgical,” CooperSurgical President Holly Sheffield said in a news release. “We’re adding highly synergistic and respected labor and delivery and diagnostic devices to our OB/GYN and Surgical portfolios. These high-quality products will integrate into our business and support CooperSurgical’s vision of a world with healthy women, babies, and families.”
CooperSurgical officials noted that the Bakri postpartum balloon, Cook cervical ripening balloon, Doppler blood flow monitor
portfolio, and additional surgical tools will further the company’s commitment to support scientific and clinical excellence in labor and delivery, as well as reconstructive surgery. CooperSurgical already has products in the space, including the Fetal Pillow, MityOne, and Insorb.
Cook Medical, meanwhile, is in the midst of a five-year strategic plan that seeks to refocus the company. In May, the company said it would lay off 500 workers — about 4% of its global workforce — in alignment with its strategy.
Cook Medical President Pete Yonkman said today’s $300 million sale fits well with the company’s overall strategy.
“Our vision is to get back to what we were founded on, delivering a continuous stream of innovative new products and services to address unmet customer needs. Reaching this vision requires careful planning, a lot of hard work, and deliberate choices including a full review of our product portfolio to ensure strategic fit for the future,” Yonkman said.
“This agreement will allow us to invest in future growth and new technologies while also allowing the new Cooper product lines to thrive and meet patients’ needs around the world. The rest of the Cook organization will continue as privately held, family-owned companies.”