NEW YORK: Warner Chilcott, an Irish drugmaker that specializes in contraceptives and female hormone treatments, will buy Procter & Gamble Co's pharmaceuticals business for $3.1 billion, the companies said yesterday.

P&G's branded drugs, including osteoporosis treatment Actonel and Enablex for overactive bladders, have annual sales of $2.3 billion. Warner-Chilcott's annual revenue totals about $1 billion.

"The acquisition transforms Warner Chilcott into a global pharmaceutical company, expands our presence in women's health care, 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," Warner Chilcott said in a release.