Drugmaker shares slump as efforts to find buyer come to naught

Warner Chilcott Plc, a drugmaker specialising in women’s health and dermatology, saw its share price decline the most in nine months after it ended efforts to find a buyer for the company.

It fell 6.6% in early trading in New York after sinking as much as 8% in its biggest intraday drop since Nov 9. The drugmaker said in April it was weighing options including a sale. Bloomberg reported the Dublin-based company had received interest from strategic and private equity buyers.

Chief financial officer Paul Herendeen, who was not more specific about the possible buyers. said on a conference call: “Multiple parties expressed what I would describe as bona fide interest in acquiring Warner Chilcott. We concluded that this is a better pathway to the creation of long-term shareholder value.”