Warner Chilcott reveals progress in possible offer

Northern Ireland-based drug company Warner Chilcott has said it has opened its books to the a consortium of private equity institutions that recently approached it.

The Warner Chilcott (formerly Galen Holdings) board has confirmed that it has entered into a confidentiality agreement with the consortium, and that the consortium is now undertaking due diligence into the company.

In a statement today, Warner Chilcott said: "The Board of directors wishes to reiterate that the approach remains preliminary in nature and is subject to various pre-conditions including financing and due diligence. There can be no certainty either that an offer will actually be made or to the level of an offer, if made."