Warner Chilcott Ends Sale Effort, Announces Dividend
Warner Chilcott Plc (WCRX), a drugmaker specializing in women’s health and dermatology, said it has ended efforts to find a buyer for the company.
The drugmaker said in April it was weighing options including a possible sale. Bloomberg News reported the company had received interest from strategic and private-equity buyers.
Warner Chilcott now will renew a $250 million share buyback program and expects to pay a special cash dividend of $4, the Dublin-based drugmaker said yesterday in a statement.
“It seemed clear that the attempts to be bought by someone had stalled,” said James Molloy, an analyst with San Francisco- based ThinkEquity LLC. The drugmaker paid a special $8.50 dividend in 2010, so Molloy said he wasn’t that surprised by the announcement.