Monday 24 April 2017

Following a drop in his estimated net worth last year, pharma entrepreneur Seamus Mulligan has seen his fortunes improve again in the past year, with a number of business interests doing well for him. One of these, Adapt Pharma, which he backed with about 60m of his own money, has won FDA approval for its nasal spray for heroin users and is growing steadily, carving out a sizeable piece of a $100m market in the US. Meanwhile, Jazz Pharmaceuticals — the result of a merger of Jazz with Azur, a pharma venture he had set up in 2011 — has seen its share price rise by about 10pc in the past year.

Roscommon-based Mulligan previously played a key role in turning around Ireland's then biggest drugs firm Elan, which was struggling with too much debt. Wisely cashing in a 210m chunk of his shares, Mulligan still retains a stake now worth about 138m. During the boom, he bought former Taoiseach Albert Reynolds' house on leafy Ailesbury Road in Dublin for 14m, while also investing in other properties and the Derek Quinlan syndicate that bought properties such as the Four Seasons hotel in Prague and others in London's West End.

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