Sunday 23 April 2017

EirGen: Irish pharmaceutical company bought for $135m

Eirgen Pharma founders Patsy Carney and Tom Brennan in the lab in Waterford. Photo: Patrick Browne
Eirgen Pharma founders Patsy Carney and Tom Brennan in the lab in Waterford. Photo: Patrick Browne
Gavin McLoughlin

Gavin McLoughlin

Irish pharmaceutical company EirGen has been bought for $135m by US pharmaceutical and diagnostics company Opko.

EirGen, based in Waterford, has around 100 staff and makes chemotherapy drugs.

Miami-based Opko, listed on the New York Stock Exchange, paid $100m in cash and $35m in shares to seal a deal that closed yesterday, the Irish Times reported.

EirGen chief executive Patsy Carney said the company wanted to move to "the next level", and that in February it had made a "relatively soft" approach to the market to gauge interest.

Saudi Pharmaceutical Industries and Medical Appliances Corporation, one of the Middle East's major drugs companies, owned almost half of EirGen.

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