Staff report written from press release:
Bloomington, Indiana – November 1, 2023
Cook Medical, a medical device manufacturer based in Bloomington, Indiana, has announced the sale of certain segments of its Reproductive Health and Otolaryngology business to CooperCompanies in line with its 5-year strategic plan.
The agreement, valued at $300 million, includes the transfer of select products from Cook’s Maternal Fetal Medicine (MFM) portfolio, gynecological surgery products, and Doppler monitor technology to CooperCompanies, a publicly held healthcare company.
CooperCompanies, traded on the Nasdaq as COO, completed the acquisition earlier on November 1, 2023.
Pete Yonkman, the president of Cook Medical and Cook Group, expressed the company’s commitment to its core values and mission. He stated, “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.”
The agreement enables Cook Medical to redirect its resources and investments toward future growth and new technologies. Simultaneously, it allows the acquired Cooper product lines to continue thriving and addressing patients’ needs on a global scale.
“The rest of the Cook organization will continue as privately held, family-owned
companies,” said Yonkman.
Under the terms of the transaction, according to Cook:
- A significant portion of Cook’s MFM products, gynecological surgery products, Doppler monitor technology, disposable devices, and accessories have been transferred to CooperCompanies.
- Cook will continue to manufacture these products for at least two years, after which the manufacturing responsibility will be transitioned to CooperSurgical.
- Importantly, no manufacturing jobs are at risk as a result of this transaction.
- The divested product lines represent approximately 2.5% of Cook’s overall sales.