In March 2003 Warner Chilcott PLC announced a proposed acquisition of Pfizer Inc. 's women's health portfolio—comprising the oral contraceptives Estrostep and Loestrin and the combination hormone replacement therapy Femhrt—for an initial cash payment of $359 million (£228.1 million) [See Deal]. Combined sales of the three Pfizer products peaked in 2001 at more than $265 million.
Galen's move was expected, given the fit with its own therapeutic focus and intent to expand within the US market,...
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