Pharmaceutical company Warner Chilcott Ltd. is the latest firm to join the growing list of businesses leaving Bermuda to redomicile in Europe.

The company's board unanimously approved the redomestication from Bermuda to Ireland.

The move, which the company hopes to complete in the second half of this year, is subject to approval of its stockholders and the Supreme Court of Bermuda.

It believes the redomestication to Ireland offers shareholders several advantages, including a stable long-term legal and regulatory environment based on Ireland's strong international relationships as a member of the European Union, its long history of international investment and its robust network of tax treaties with other European Union member states, the US and other countries.

Warner Chilcott's presence in Ireland dates back to 1996, when a division of Warner Lambert was bought by an Irish predecessor of the company. It has never been based in the US and its predecessor was incorporated in the UK (Northern Ireland).