Rare piece of good news for Ronan and Davy clients
IT is not all bad news these days for Jack Ronan, the entrepreneur who shot to unwanted national prominence for the failure of his company Vita Cortex to make redundancy payments to workers at the Cork-based foam maker.
Mr Ronan was spotted at a recent meeting of Davy Stockbrokers clients who were being briefed on the €2bn merger of their firm Azur Pharma with US rival Jazz Pharmaceuticals which will be headquartered in Dublin.
The deal is a rare piece of good news for Mr Ronan and his fellow Davy clients. It values their company at about $500m and gives them an exit strategy as they can sell shares in Nasdaq-listed Jazz.
Azur is another child of the former stock exchange darling Elan. It was founded by former Elan executive Seamus Mulligan in 2005 along with David Brabazon and Eunan Maguire. It acquired the pain management treatment Prialt from Elan in 2010 for an undisclosed amount. It also owns a drug called FazaClo, used to treat schizophrenia, and a range of women's health products.