Procter & Gamble sells drug business to Warner Chilcott

Procter & Gamble Co. has finalized a deal to sell its pharmaceutical business to Warner Chilcott plc, a step in its plan to unload what it considers less profitable and non-core businesses.

In the deal, Warner Chilcott will make an upfront cash payment of $3.1 billion for the business. The sale includes P&G’s osteopororis drug Actonol – a $1 billion brand – Asacol HD delayed-release tablets for ulcerative colitis; co-promotion rights to overactive bladder treatment Enablex; and P&G’s prescription drug pipeline and manufacturing facilities.

P&G said the sale will give it a one-time earnings boost of about $1.4 billion after tax, or 44 cents per share. But it expects per-share dilution of 10 cents to 12 cents in fiscal 2010 because of lost earnings and overhead costs.

Read Full Article from Bizjournals.com

- Posted: 2009-08-24 10:24:57

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