August 29, 2009 by Mary Vanac Filed under Community, Top Story
The Procter & Gamble Co. announced this week that it would jettison its powerful but burdensome global pharmaceuticals business for $3.1 billion, moving away from a sector that the drug giant struggled to manage as regulatory barriers climbed and profit margin dipped below that of its formidable consumer drug market.
Most of 2,300 pharmaceutical sector employees — including 450 in suburban Cincinnati— will be transferred to the Irish drugmaker Warner Chilcott. Warner gets all of P&G’s pharmaceutical products — including the $1 billion selling osteoporosis drug Actonel; co-promotion rights to Enablex (with Novartis), an overactive bladder treatment; P&G’s prescription drug product pipeline and manufacturing facilities in Puerto Rico and Germany. The deal should close by year’s end.
Bilibala comments
P&G is a company that strong at restructuring, to focus on core business and span off the weaker segments. It has been doing this for few years and so far, this method works and bring the growth and profit continue to rise.
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