Tallahassee, FL 4/30/12 (StreetBeat) -- Warner Chilcott PLC (Nasdaq: WCRX) confirmed Monday that its board is taking part in talks with parties that may be interested in buying the company.The news sent the Irish drugmaker's shares up more than 20 percent in heavy morning trading, after being halted in the premarket.
Warner Chilcott said that the talks are part of its plan to explore a broad range of strategic alternatives to enhance shareholder value, including a possible sale. It emphasized that the talks are in the early stages and may or may not lead to an offer.
Warner Chilcott said it doesn't plan to disclose further developments until its board approves a specific course of action, or it decides that it needs to make additional disclosures.
The company said in February that its fourth-quarter profit surged more than fivefold to $90.3 million as its acquisition and interest costs decreased. It also is in the process of restructuring its Western European business and expects that to be completed this year. The company focuses on women's health care, gastroenterology and dermatology.
Warner Chilcott shares rose $3.61, or 19 percent, to $22.40, after peaking at $23.28 earlier in the day. Over the past 52 weeks, the company's shares have traded between $12.90 and $25.92.
Since the beginning of this year, Warner Chilcott shares have gained about 48 percent.
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