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U.S. markets recover from steep losses
NEW YORK, Aug. 24 (UPI) -- Drug maker Warner Chilcott Ltd. said Monday it has purchased the prescription drug business of U.S. manufacturer Procter & Gamble Co. for $3.1 billion.
"The acquisition of the P&G pharmaceutical brands and employee talent is a transformational, strategic move for us," Roger Boissonneault, Warner Chilcott's president and chief executive officer, said in a statement. "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."
Six banks, led by J.P. Morgan Chase & Co. and Bank of America Corp., are financing the deal, The Wall Street Journal reported.
The newspaper quoted analysts as saying the Warner Chilcott transaction is the fourth-largest "leveraged loan" of the year in a weak summer market for acquisitions. .
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