Warner Chilcott confirms takeover approach

Pharmaceutical giant Warner Chilcott, formerly known as Galen, has confirmed it has received an approach for a takeover of the company.

In a statement this morning, the board of directors confirmed they have received an approach from a consortium of private equity houses which may or may not lead to an offer, at an indicative cash price of 800p per share, being made for the entire issued share capital of Warner Chilcott.

Warner Chilcott is based in Craigavon in Northern Ireland, as well as in the US and focuses on women's healthcare and dermatology. Products include oral contraceptives Ovcon and hormone replacement therapy products Femring and acne treatment Doryx.

"The board, other than Roger Boissonneault, the chief executive officer, who in view of the nature of the approach is not currently participating in these deliberations, is considering the appropriate response to this approach," said the statement.

"The board wish to make clear that the approach they have received is preliminary in nature and is subject to, inter alia, various pre-conditions including financing and due diligence. There can be no certainty that an offer will actually be made."

A further announcement will be made in due course.