Davis Polk & Wardwell LLP is advising Warner Chilcott in connection with its acquisition of The Procter & Gamble Company’s global pharmaceutical business for an up-front cash payment of $3.1 billion and the related financing. The transaction is expected to close by the end of 2009, pending necessary regulatory approvals.

Warner Chilcott is a leading specialty pharmaceutical company currently focused on the women’s health care and dermatology segments of the U.S. pharmaceutical market. The Procter & Gamble Company is a leading manufacturer and seller of household goods worldwide. P&G’s global pharmaceutical business includes leading brands such as Asacol HD (mesalamine) Delayed-Release Tablets for ulcerative colitis, Actonel (risedronate sodium) for osteoporosis and Enablex (darifenacin) for the treatment of overactive bladder.

The Davis Polk corporate team includes partners George R. Bason Jr. and Michael Davis, associates H. Oliver Smith, Christopher L. Beals, Carlo M. Caponi and William J. Chudd and foreign temporary associate Karen Christina Pelzer (admitted only in Frankfurt). The financing team includes partners Michael Kaplan and Jason Kyrwood and associates Justin Goldblatt, Brianne M. Lucyk, Sarah M. Ryan and Hannine Drake. Partner Michael Mollerus and associates Craig A. Phillips and Adam B. Perry are providing tax advice. Partner Edmond T. FitzGerald and associates Ron M. Aizen, Andrew Blau and Wendy M. Phillips are providing benefits advice. Counsel Betty M. Huber and associate Elisabeth Mountainspring are providing environmental advice. Partner Frank J. Azzopardi and associate Stefan Quick are providing intellectual property advice. Counsel James P. McIntyre and associate Jeremy M. Schwartz are providing real estate advice. All members of the Davis Polk team are based in the New York office.