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Warner Chilcott's main shareholders to sell stake, shares drop
(Reuters) - Specialty pharmaceutical company Warner Chilcott Plc (WCRX.O) said its main shareholders will sell parts of their stakes, sending its shares down 10 percent in extended trading.
The selling shareholders include Bain Capital Partners, J.P. Morgan Partners, Thomas H. Lee Partners LP and members of the company's senior management, Warner Chilcott said.
The shareholders will sell 42.9 million Warner Chilcott shares valued at $608.8 million, based on the stock's Wednesday close of $14.19 on the Nasdaq.
Citigroup will act as the underwriter for the offering of the company which focuses on women's healthcare, gastroenterology, urology and dermatology in the United States.
Last month, Reuters reported that Warner Chilcott ended discussions about a potential sale and said it would instead pay out about $1 billion to shareholders as a special dividend.
Shares of the Ireland-based company were trading at $12.85 after markets closed.
(Reporting By Pallavi Ail in Bangalore,)
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