BLOOMINGTON, Ind — A deal to buy a division of Bloomington-based Cook Medical worth $875 million has fallen through.
The Federal Trade Commission announced that CooperCompanies was pulling out of the deal to purchase the reproductive health division of Cook Medical.
“Following a full-phase investigation by FTC staff, CooperCompanies’ decision to abandon this proposed acquisition ensures that critical reproductive health markets remain competitive. The FTC is committed to protecting patients from higher costs and preserving the incentive to innovate. This deal termination protects competition and is a win for patients," said Holly Vedova, FTC Bureau of Competition director.
13News reached out to Cook Medical for comment but had not heard back at the time this article was published.
Cook Medical announced plans in May to reduce its global workforce by about 4%, resulting in 500 layoffs.
Pete Yonkman, the firm's president, said it "is critical to achieving our long-term success and our vision for who we want to be as an organization."