updated 8/24/2009 9:32:50 AM ET 2009-08-24T13:32:50

Warner Chilcott PLC is buying Procter & Gamble Co.'s prescription drug business in a $3.1 billion deal that would more than double the Irish drugmaker's revenue.

Warner Chilcott says the business had $2.3 billion in revenue in the year ending June 2009, including more than $1 billion from osteoporosis drug Actonel.

Warner Chilcott also gains colitis drug Asacol HD and bone drug Didronel in the deal. Warner Chilcott's products include oral contraceptives, skin products and hormone therapy creams.

Warner Chilcott is borrowing from a group of banks to complete the deal. It is expected to close by year-end.

In the last year, Cincinnati-based Procter & Gamble has sold off other business including Folgers coffee and Noxzema skin care.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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