Procter & Gamble Co. plans to sell its global pharmaceuticals business to specialty drug maker Warner Chilcott PLC in a $3.1 billion cash deal.

While the agreement dramatically expands Warner Chilcott's global presence and extends its reach into new markets, it's expected to help P&G further its ongoing strategy to propel growth in its consumer health care business.

"This move enables us to focus singularly on winning in consumer health care — personal health care, oral care and feminine care," commented P&G president and chief executive officer Bob McDonald.

Pending regulatory approvals, the two companies expect the transaction to close by the end of this year.

CINCINNATI — Procter & Gamble Co. plans to sell its global pharmaceuticals business to specialty drug maker Warner Chilcott PLC in a $3.1 billion cash deal.

Under the agreement, announced Monday, the companies said Warner Chilcott will acquire P&G’s portfolio of branded prescription drug products, including Asacol HD (mesalamine) delayed-release tablets for ulcerative colitis and Actonel (risedronate sodium) for osteoporosis, as well as the co-promotion rights to Enablex (darifenacin) for the treatment of overactive bladder.

Also under the deal, Warner Chilcott picks up P&G’s prescription drug product pipeline and manufacturing facilities in Puerto Rico and Germany, and most of the 2,300 employees in P&G pharmaceuticals business are slated to transfer to Warner Chilcott.

The companies said they expect the transaction to close by the end of the 2009 calendar year, pending necessary regulatory approvals.

"This move enables us to focus singularly on winning in consumer health care — personal health care, oral care and feminine care," P&G president and chief executive officer Bob McDonald said in a statement.

Warner Chilcott, which this month completed a relocation of its headquarters from Bermuda to Ardee, Ireland, said the deal expands its presence in current specialty pharmaceutical markets and provides access to new physicians in 14 nations. The acquisition of P&G’s pharmaceutical development capabilities and clinical pipeline also stands to expand Warner Chilcott’s product portfolio going forward, the drug maker noted.

"The acquisition of the P&G pharmaceutical brands and employee talent is a transformational, strategic move for us," Warner Chilcott president and CEO Roger Boissonneault said in a statement. "The acquisition transforms Warner Chilcott into a global pharmaceutical company, expands our presence in women’s health care, establishes us in the urology market in advance of the anticipated launch of our erectile dysfunction treatments, and adds gastroenterology therapies to our product portfolio."

P&G’s pharmaceuticals business had revenue of about $2.3 billion and earnings of $540 million for the year ended June 30, the companies reported. The sale of the business to Warner Chilcott is slated to result in a one-time earnings increase for P&G of about $1.4 billion after-tax, or 44 cents per share.

P&G chairman A.G. Lafley, who handed the CEO reins to McDonald in July, announced the sharper focus on consumer health care last December at the company’s biannual meeting for investors.

The consumer products giant sees that market as a growth engine. According to P&G vice chairman Robert Steele, it’s the largest market in which the company competes, and such trends as the aging population, greater consumer involvement in health care and a burgeoning focus on wellness stand to expand the market further.

Currently at P&G, consumer health care is part of the Health and Well-Being (H&WB) global business unit, led by Steele. The unit represents 20% of the company’s sales and profit and covers six product categories: oral care, feminine care, personal health care, pharmaceuticals, pet care and snacks. The oral care, feminine care and personal health care segments comprise P&G’s consumer health care business.