Warner Chilcott plc has agreed to purchase Procter and Gamble’s global pharmaceuticals business for an up-front cash payment of $3.1 billion.
Under the terms of the agreement, specialty pharmaceuticals company Warner Chilcott will acquire P&G’s portfolio of branded pharmaceutical products, including Asacol HD (mesalamine) Delayed-Release Tablets for ulcerative colitis, Actonel (risedronate sodium) for osteoporosis, and the co-promotion rights to Enablex (darifenacin) for the treatment of overactive bladder.
P&G’s prescription drug product pipeline and manufacturing facilities in Puerto Rico and Germany are also included in the deal. In addition, the majority of the 2,300 employees working on P&G’s pharmaceuticals business are expected to transfer to Warner Chilcott.
“The acquisition of the P&G pharmaceutical brands and employee talent is a transformational, strategic move for us,” said Roger Boissonneault, President and Chief Executive Officer of Warner Chilcott. “The acquisition transforms Warner Chilcott into a global pharmaceutical company, expands our presence in women’s healthcare, establishes us in the urology market in advance of the anticipated launch of our erectile dysfunction treatments, and adds gastroenterology therapies to our product portfolio.”
Bob McDonald, President and Chief Executive Officer of Procter & Gamble, extended special thanks to P&G’s pharmaceuticals employees. “These men and women have built a large and profitable global business which has improved millions of lives,” he said. “Their welfare was a key consideration in the choice of a buyer. We are deeply grateful to them and are glad they’ll be able to continue this work as part of another great company.”
Both companies expect the transaction to close by the end of the 2009 calendar year, pending necessary regulatory approvals.