Warner Chilcott buys P&G's pharma unit

Northern-Irish drug maker Warner Chilcott has agreed to buy the prescription drugs unit of Proctor & Gamble (P&G) for around $3.1 billion.  Cincinnati-based P&G has been seeking a buyer for the unit for several months since it announced it was interested in exiting the prescription drugs business in favor of over-the-counter products. Drug approval processes have become increasingly complicated, making investments in pharmaceuticals less profitable.  The deal is expected to more than double Ardee, Ireland-based Warner ChilcottÔÇÖs annual revenue, as well as increasing its share of the womenÔÇÖs health market. Currently it has a sales forecast of $1 billion for this year.  The companyÔÇÖs primary business areas are womenÔÇÖs healthcare and dermatology. Six banks are expected to put up around $4 billion in financing, including $1 billion to re-finance existing Warner Chilcott debt. Warner Chilcott currently has 1,115 employees in Ireland, the UK, the USA and Puerto Rico. In October last year, P&G sold its Folgers coffee arm to JM Smucker for $3 billion. * ┬á┬á┬á┬á┬á┬á┬á*┬á┬á┬á┬á┬á┬á┬á *