Teva Pharmaceutical Industries has entered two agreements to divest the remaining stake in its specialist global women’s health business for $1.38bn.

Under a definitive agreement, CVC Capital Partners Fund VI will purchase a portfolio of products within Teva’s global women’s health business across contraception, fertility, menopause and osteoporosis for $703m in cash.

The company has entered another definitive agreement with Foundation Consumer Healthcare to sell its Plan B One-Step and value brands of emergency contraception, Take Action, Aftera, and Next Choice One Dose for $675m in cash.

Proceeds from the current divestiture, combined with proceeds from the recently announced sale of the company’s Paragard, total $2.48bn and will be used by the firm to proceed with its repayment of term loan debt.

Teva Pharmaceutical Industries interim CEO Dr Yitzhak Peterburg said: "With these initial divestitures we have exceeded expectations, leveraging the tremendous value we have built within Teva’s specialist business.

"Teva is extremely pleased to enter these agreements with CVC Capital Partners and Foundation Consumer Healthcare, which progress our ability to repay term loan debt while also providing a clear path forward for these important products to continue to be available to women throughout the world."

With the sale of the global women’s health products in addition to the Oncology and Pain business in Europe, Teva Pharmaceutical intends to strengthen its global strategic focus on central nervous system (CNS) and respiratory products.

Subject to customary conditions, the transactions are expected to be completed before the end of this year.