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Closes sales of pharma unit and puts $3 billion in its coffers.
October 31, 2009
By: TOM BRANNA
Editor
Is Procter & Gamble ready to go on a spending spree? Could be, especially now that its flush with cash. P&G completed the sale of its drug business Friday, as expected, to Irish company Warner Chilcott plc. In the deal, announced Aug. 23, Warner Chilcott will make an upfront cash payment of $3.1 billion. The sale includes P&G’s osteoporosis drug Actonel —a $1 billion brand—as well as other drugs; the co-promotion rights to overactive bladder treatment Enablex; and P&G’s pres...
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