Transformation is an overused word in dealmaking, and chief executives tend to forget the term’s ambiguity – equally meaning bureaucrat to beetle as caterpillar to butterfly. But Warner Chilcott, the Irish-domiciled and Nasdaq-listed drugmaker, has achieved the latter with Monday’s announcement of the $3.1bn cash purchase of Procter & Gamble’s prescription pharmaceuticals arm.

Chilcott is taking over a business with more than twice its $1bn of annual sales, gaining access to 14 new markets, so turning the group into a global drug manufacturer. Perhaps reflecting the legacy of a company that was in private equity ownership before its 2006 listing, and is still majority owned by buy-out funds, there was also a refreshing honesty from management on the benefits of the deal. Rather than cost savings, the integration will likely require additional spending to manage the greater complexity of expanded international operations.