A Pharmaceutical giant with strong links to Northern Ireland is buying a global pharmaceuticals business for £3.1bn.
Warner Chilcott’s acquisition of Proctor & Gamble’s branded pharmaceutical products and other businesses is expected to be complete by the end of this year.
US-founded Warner Chilcott was acquired in 2000 by Craigavon-based Galen Holdings, which took the name of its new acquisition and was Northern Ireland’s first billion dollar company.
Warner Chilcott was taken over by US private equity investors in 2004 but former Galen Holdings chairman Dr John King remains a non-executive director.
Galen Holdings was founded by Sir Allen McClay from Cookstown in 1968.
Sir Allen, one of Ireland’s richest men, stepped down from Galen in 2001, and a year later set up pharmaceutical and biotech company Almac in Craigavon. It now employs over 2,000 people in Craigavon, the US and other parts of the UK.
Also included in Warner Chilcott’s deal with P&G are its prescription drug product pipeline and manufacturing facilities in Puerto Rico and Germany.
Most of P&G’s 2,300 pharmaceutical staff are expected to transfer to Warner Chilcott, which already employs over 1,000 people worldwide including 120 people in the manufacture of women’s healthcare treatments in Larne, Co Antrim.
Roger Boissonneault, president and chief executive officer of Warner Chilcott and a former chief of Galen, said: “The acquisition of the P&G pharmaceutical brands and employee talent is a transformational, strategic move for us.
“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.”
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