IRELAND - Bain Capital et al. to divest part of stake in Warner Chilcott

The private equity consortium is said to be planning to sell 20 million shares of its stock.

As of March this year, the investors owned 61% of Warner Chilcott's Class A shares. The company had 251.5 million shares on the market as of Oct 30, meaning that the 20 million shares being sold represent about 8% of the business' stock.

In 2005 the consortium completed the £1.6bn public-to-private transaction the Ireland-based business. The consortium paid a multiple of 20x Warner Chilcott's earnings in the year ending September 2004. Credit Suisse First Boston and Deutsche Bank underwrote the debt package to facilitate the deal. In 2006, the company re-floated on the stock market.

Since 2000, the business has increasingly focused its business on the women's healthcare and dermatology markets in the US. In women's healthcare, Warner Chilcott's key products are in the areas of contraception and hormone replacement therapy. The portfolio of oral contraceptives includes the Ovcon and Estrostep brands and the portfolio of hormone replacement therapies includes Estrace, Femring and femhrt.

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