Medical device company CooperCompanies Inc (NYSE:COO) has signed a binding agreement to buy Cook Medical's Reproductive Health business in an $875 million deal.
- Indiana-based Cook Medical is a privately held firm primarily involved in the manufacturing of medical devices.
- Under the terms of the deal, CooperCompanies will pay $675 million at the time of closing and a further $200 million in four annual installments of $50 million each.
- Related: Cooper Companies Reports Mixed Q4 Results.
- The Reproductive Health business of Cook Medical manufactures minimally invasive medical devices for fertility, obstetrics, gynecology, in vitro fertilization (IVF), and assisted reproductive technology (ART).
- William Cook Australia, Cook Spencer, and Cook Vandergrift currently manufacture reproductive health devices. After closing the transaction, Cook will continue to manufacture products for CooperSurgical during a two-year transition period and increase manufacturing capacity.
- Price Action: COO shares traded 2.61% higher at $397 on Monday.
