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Published on 24 August 2009

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P&G looking to sell drug division


Drug maker Warner Chilcott is expected to announce a takeover of Procter & Gamble’s prescription drug business worth $3 billion (£1.8bn).

The speculation comes after Cincinnati-based P&G said last year that it was looking to leave the prescription drug business.

However, the P&G spokesman Tom Millikin said that the consumer products company does not respond to rumour or speculation.

Products made by the company for that area of business generate more than $1 billion (£0.6bn) in annual revenue alone and if a deal was done with Ireland-based Warner Chilcott, it would expand its revenue and dominance of the women’s health market.

Warner Chilcott, which makes birth-control pills, acne medication and female hormone therapies, has forecast annual sales of just over $1 billion (£600 million) for this fiscal year.

But private-equity firm Cerberus Capital Management and drug maker Forest Laboratories are also reported to be interested in the P&G division.

P&G’s latest ambitions to sell come after it sold off its Folgers coffee business to JM Smucker and added beauty and grooming businesses to its portfolio.

Copyright Press Association 2009

Warner Chilcott

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