Warner Sells Rights To Leo For $1 Billion

Warner Chilcott is selling U.S. rights to topical psoriasis treatments and other development-stage dermatology products it had licensed, as well as product inventories, back to Denmark’s Leo Pharma for $1 billion. The two companies have been partners since 2003. Warner Chilcott, with headquarters in Ireland, will continue to distribute the dermatology products until the end of the year. It will use the money from the sale to pay down debt and help finance its pending acquisition of Procter & Gamble’s pharmaceutical business (C&EN, Aug. 31, page 8). Earlier this month, Leo Pharma agreed to acquire the Australian specialty pharmaceutical firm Peplin for $288 million.