Chanelle Pharmaceuticals Sold for €300m

Vet turned businessman Michael Burke has sold the Chanelle Pharmaceuticals he founded over 40 years ago for a figure understood to be around €300 million. British private equity group Exponent will take over the business which Mr Burke put on the market through investment bank Rothschild last year. The company’s 730 staff were briefed on Wednesday on the takeover of the business, the largest producer of generic medications for humans and animals in the State.

“Having dedicated my life to building Chanelle Pharma into a global company, I have decided the time is right to allow new owners to lead the company into its next phase of growth,” Mr Burke said. “I am very pleased that Exponent is acquiring Chanelle Pharma. They value the heritage of our company and share our ethos and vision. They have the expertise and resources to grow Chanelle Pharma with new investment across all our operation

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Galway-based Channelle Pharma to be sold for €300mGalway-based generic drugmaker Channelle Pharma is on track to be sold to UK private equity firm Exponent in a deal said to be worth about €300 million. The company has veterinary and human drug licenses in the EU. Other private equity firms were also interested in the bidding process. Channelle Pharma is estimated to make a profit of about €25 million a year.
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