Drug maker Viatris has announced the divestment of a number of businesses owned by the company in a deal totalling $3.37bn (£2.79bn).

European over-the-counter (OTC) drug manufacturer and distributor Cooper Consumer Health offered to acquire the rights for Viatris’ OTC business for $2.17bn (€2.07bn).

The Cooper deal also comprises the divestment of two manufacturing facilities in Merignac, France, and Confienza, Italy, along with a research and development (R&D) plant in Monza, Italy.

Viatris also entered definitive agreements to offload its active pharmaceutical ingredients (API) business in India to local pharmaceutical company Iquest Enterprises. 

This deal comprises the divestment of six manufacturing plants, an R&D lab and third-party sales of APIs. 

Viatris also agreed to sell its women’s healthcare business to Spanish company Insud Pharma. The divestiture comprises two manufacturing sites in India. 

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Viatris will also sell off the rights for two further women’s healthcare assets, Duphaston and Femoston, to Theramex. 

Divestiture of the API and women’s healthcare businesses reflect gross proceeds of up to $1.2bn.

Viatris will not divest the rights for Viagra, Dymista and other OTC assets in specific regions. The company will also retain R&D expertise in API. 

The $3.37bn divestiture plans are part of Viatris’ strategy to streamline the company and focus on core areas, and the proceeds will be used to pay off debt. 

In November 2022, Viatris sold off its biosimilars business to Biocon Biologics for $3bn.

These divestitures, including the concluded biosimilar business unloading, reflected gross proceeds of up to $6.94bn.

Viatris CEO Scott Smith stated: “After taking this closer look, I have made the decision to retain our rights for Viagra and Dymista, as well as other select OTC assets within certain markets, as we see further opportunities for these products within Viatris. 

“In addition, we achieved our goal of substantially simplifying the organisation as we increase our focus on areas with the greatest potential to accelerate our growth, patient impact and shareholder value.”