Warner Chilcott has announced a deal that will see the Irish drugmaker take over Procter & Gamble’s global pharmaceutical business in a deal worth $3.1bn.

Warner Chilcott will acquire P&G’s entire £2.3bn a year portfolio of branded pharmaceutical products, including osteoporosis treatment Actonel and Enablex for overactive bladder.

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

Warner Chilcott president and CEO Roger Boissonneault said that this was a transformational move for the company.

“The acquisition expands our presence in women’s healthcare, 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,” Boissonneault said.

According to a P&G statement, the company believes Warner Chilcott will be a stronger and better investor in P&G’s pharmaceutical assets, brands and capabilities because of Warner Chilcott’s focus to grow its pharmaceuticals business, versus P&G’s decision to prioritise investments on its consumer healthcare businesses.

The deal also includes P&G’s prescription drug product pipeline and manufacturing facilities in Puerto Rico and Germany and around 2,300 employees that are expected to transfer to Warner Chilcott.