Warner Chilcott to explore sale of company
Specialty pharmaceutical company Warner Chilcott Plc said it would explore strategic options, including preliminary talks with potential buyers, Reuters reports. The company said it hired Goldman Sachs as its financial adviser. The announcement comes after speculation that Bayer AG would make a bid for the Irish drugmaker at $32 per share. Warner Chilcott declined to comment on the Bayer rumor.
Last week, sources told Reuters that the German drugs and plastics maker Bayer was close to making a multibillion-euro acquisition to strengthen its healthcare division. And the generic threat to its acne drug Doryx has come to pass after a court ruled in favor of Mylan Inc in a patent infringement case. Mylan said on Monday it would begin shipping its generic version immediately. Warner, which reported Doryx sales of $46 million in the fourth quarter, said it would appeal the ruling. It expects an impairment charge of $90 million to $108 million due to the court decision, cutting into its 2012 profits.