Key Developments For Warner Chilcott Plc
Warner Chilcott Plc (WCRX.O) (Nasdaq)
Warner Chilcott Plc Prices Secondary Equity Offering
Warner Chilcott Plc announced that it has priced its secondary offering of 20,000,000 of its ordinary shares at a price to the public of $22.25 per share. The selling shareholders include funds affiliated with Bain Capital Partners, DLJ Merchant Banking, J.P. Morgan Partners (advised by CCMP Capital) and Thomas H. Lee Partners, L.P., certain other institutional investors and members of the Company's senior management. The selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares at the secondary offering price. The offering is being conducted as a public offering pursuant to an effective shelf registration statement under the Securities Act of 1933. The offering is expected to close on November 25, 2009. The Company will not receive any proceeds from the sale of the shares but will pay the expenses of the offering pursuant to an existing agreement. The offering is being made through an underwriting syndicate, led by Goldman, Sachs & Co., Morgan Stanley, Credit Suisse and J.P. Morgan. The co-managers of the offering are BofA Merrill Lynch, Barclays Capital, Citi, Deutsche Bank Securities and UBS Investment Bank.
Warner Chilcott Plc Announces Secondary Equity Offering
Warner Chilcott Plc announced a 20,000,000 share secondary offering of its ordinary shares by certain selling shareholders. The selling shareholders include funds affiliated with Bain Capital Partners, DLJ Merchant Banking, J.P. Morgan Partners (advised by CCMP Capital) and Thomas H. Lee Partners, L.P., certain other institutional investors and members of the Company's senior management. The Company will not receive any proceeds from the sale of the shares but will pay the expenses of the offering. The offering is being made through an underwriting syndicate, led by Goldman, Sachs & Co., Morgan Stanley, Credit Suisse and J.P. Morgan.
Warner Chilcott Plc Completes Acquisition of Procter & Gamble Co.'s Global Branded Prescription Pharmaceuticals Business
Warner Chilcott Plc announced that it has completed the acquisition of The Procter & Gamble Company's global branded prescription pharmaceutical business. At closing approximately 1,900 employees of Procter & Gamble Co's pharmaceuticals business joined Warner Chilcott and the Company added manufacturing facilities in Germany and Puerto Rico. To finance the acquisition, the Company used a combination of cash on hand and borrowings under new senior secured credit facilities. The new senior secured credit facilities provided for $3.2 billion in financing and are comprised of a $250 million revolving credit facility with a five-year maturity, a $1.0 billion Term Loan A with a five year maturity, a $1.6 billion Term Loan B with a five-and-a-half year maturity and a $350 million delayed-draw Term Loan B with a five-and-a-half year maturity. Borrowings under the Term Loan A and revolving credit facility bear interest at LIBOR plus 3.25% and under the Term Loan B and delayed-draw facility at LIBOR plus 3.50%, in all cases subject to a 2.25% floor on LIBOR. At the closing, the Company borrowed a total of $2.6 billion under the term loan facilities and did not borrow under the revolving credit facility or the delayed-draw term loan facility.
LEO Pharma Repurchases Product Rights From Warner Chilcott Plc
Warner Chilcott Plc and LEO Pharma announced that, in exchange for a one time cash payment of $1.0 billion to Warner Chilcott, LEO Pharma is re acquiring Warner Chilcott's exclusive product licensing rights in the United States to its topical psoriasis treatments Taclonex, Taclonex Scalp, Dovonex as well as rights to all products in LEO's development pipeline, and acquiring all inventories of the products.
Warner Chilcott Plc Files New Lawsuit For Infringement of LOESTRIN 24 FE and FEMCON FE Patents Against Lupin Limited
Warner Chilcott Plc announced that one of its subsidiaries has filed two lawsuits against Lupin Limited and its wholly owned subsidiary Lupin Pharmaceuticals, Inc. (collectively Lupin) in the District Court for the District of Delaware for infringement of Warner Chilcott's U.S. Patent Nos. 5,552,394 (the 394 Patent) and 6,667,050 (the 050 Patent), which cover oral contraceptives LOESTRIN 24 FE and FEMCON FE, respectively. The lawsuits are in response to the submission of two Abbreviated New Drug Applications (ANDAs) to the U.S. Food and Drug Administration (FDA) by Lupin requesting approval to manufacture and sell generic versions of LOESTRIN 24 FE and FEMCON FE prior to the expiration of the 394 Patent in July 2014 and the 050 Patent in April 2019, respectively.
