Procter & Gamble on Monday refocused on its core consumer health business with the $3.1bn divestment of its pharmaceuticals division to Warner Chilcott, the Irish-domiciled specialty drugs company.

The transaction, to be funded by debt, brings to an end P&G’s move into the highly competitive medicines sector while more than tripling the scale of Warner Chilcott, which has focused on women’s healthcare and dermatology products.