Specialty pharmaceutical company Warner Chilcott Plc said it would explore strategic options, including preliminary talks with potential buyers, sending its shares up as much as 24 percent to strike a potential merger & acquisition deal.
The company, which makes women's healthcare and dermatology products and other specialty drugs, said it hired Goldman Sachs as its financial adviser to lead the merger & acquisition deal.
The announcement of the potential sellout of the company in a merger & acquisition comes after speculation that Bayer AG would make a bid for the Irish drugmaker at $32 per share. Warner Chilcott declined to comment on the Bayer rumor.
Some analysts suggested that other options, such as selling certain assets or declaring a special dividend, were as likely as a sale of the company. Warner picked up potentially attractive products with its 2009 purchase of Procter & Gamble's pharmaceuticals business, including the osteoporosis drug Actonel and the ulcerative colitis drug Asacol.
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