CooperCompanies has acquired certain medical device assets, focused primarily on Doppler monitoring, obstetrics and gynaecology surgery markets, from Cook Medical for approximately $300m.
As part of the deal, CooperCompanies made a $200m payment at the closing of the transaction.
The company will make the remaining payment of $100m in two annual instalments.
The assets that are being acquired by the company are primarily minimally invasive medical devices.
They include a large portion of Cook’s Maternal Fetal Medicine products, gynaecological surgery products and the Doppler monitor technology, disposable devices and accessories.
Cook Medical plans to continue to manufacture these products for at least two years.
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During this period, Cook will transfer the manufacturing to CooperSurgical.
As of 30 September 2023, the acquired assets generated a trailing 12-month revenue of $56m.
Starting in its fiscal first quarter of 2024, Cooper plans to report the acquired assets as part of its Office and Surgical category within the CooperSurgical business.
The deal comes months after CooperCompanies abandoned plans to acquire Cook Medical’s reproductive health business in an $875m transaction, following an investigation by the US Federal Trade Commission.
The latest transaction excludes any of the fertility products contemplated in the original deal.
CooperCompanies CEO and president Al White said: “The acquired products are highly synergistic with CooperSurgical’s existing portfolio of medical devices and strengthen CooperSurgical’s position as a leading global fertility and women’s health company.”
Cook Medical and Cook Group president Pete 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 organisation will continue as privately held, family-owned companies.”
