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Procter & Gamble is in advanced talks to sell its prescription-drug business with several parties, including specialty drugmaker Warner Chilcott and private equity firm Cerberus Capital Management, the Wall Street Journal reported on its website late Tuesday, citing people familiar with the matter.
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According to the sources, P&G's pharmaceutical unit could be worth about $3 billion, the Journal said.
Cerberus had proposed buying the division and making it a standalone business, the Journal reported, and cited the sources as saying a deal could be concluded by the end of the summer.
Warner Chilcott's [WCRX
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]portfolio of drugs includes oral contraceptives and a treatment for plaque psoriasis.
In December, P&G [PG
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]had said it would stop making new investments in pharmaceuticals, consider divesting its healthcare brands, and focus on its health business for over-the-counter products such as Pepto Bismol and Prilosec.
P&G's prescription drugs include osteoporosis treatment Actonel and overactive bladder treatment Enablex.
In February, P&G hired Goldman Sachs [GS
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] to help it sell its prescription brands or find other ways to exit the business, sources told Reuters at the time.
Spokespersons for P&G, Cerberus and Warner Chilcott were not immediately available for comment.
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