I've finally nailed one!
Associated Press
Warner Chilcott Agrees to $2.9B Takeover
Wednesday October 27, 9:32 am ET
By Michael Mcdonough, Associated Press Writer
Drugmaker Warner Chilcott Agrees to $2.9 Billion Takeover by Waren Acquisition
LONDON (AP) -- U.K.-based drugmaker Warner Chilcott PLC said Wednesday it has agreed to a 1.6 billion-pound ($2.9 billion) takeover by Waren Acquisition Ltd., a private buyout group.
Waren Acquisition Ltd. is controlled by funds managed or advised by J.P. Morgan Partners LLC and DLJ Merchant Banking III Inc., a private equity arm of investment banker Credit Suisse First Boston.
Warner Chilcott PLC, which specializes in women's health care and dermatology, said in a statement to the London Stock Exchange that the offer valued its shares at 862 pence ($15.82) each in cash. That is a premium of approximately 33 percent to the closing price of 648 pence ($11.89) for each Warner Chilcott share on Sept. 17, the last business day before the company announced it had been approached over a possible takeover offer.
Holders of American depository shares in the company will get $63.33 in cash for each share, under the offer.
"We believe that the acquisition provides shareholders with certainty of value at an attractive level which reflects the quality of the Warner Chilcott business and its strong position in women's healthcare and dermatology," said John King, Warner Chilcott's executive chairman.
"Waren is committed to further developing the business and building on its success in the U.S. pharmaceutical market, which will provide new and interesting challenges for our employees."
Warner Chilcott also announced Wednesday that it earned $26.8 million in the three months to Sept. 30, down from $33.9 million in the same period a year ago. Sales for the latest quarter totaled $125 million, up from $103.6 million a year ago.
In the first nine months of the year, net profit was $132.5 million, up from $94 million a year ago. The figures were calculated according to British accounting rules.
Warner Chilcott is based in Craigavon, Northern Ireland, and Rockaway, N.J. Its key products include oral contraceptives Ovcon and Estrostep; hormone replacement therapy brands Estrace and Femring; Sarafem, a prescription treatment for premenstrual dysphoric disorder, and widely prescribed acne drug Doryx.
The company bought its American subsidiary Warner Chilcott Laboratories Inc. in September 2000 and has since focused on the U.S. market. This year, the company disposed of most of its U.K.-based operations.
Shares in the company rose nearly 4 percent to 868.5 pence ($15.94) on the London Stock Exchange on Wednesday.
www.warnerchilcott.com
biz.yahoo.com |
