Fannin is part of DCC, one of Ireland's biggest companies
Published 17/10/2015 | 02:30
Fannin is a unit of Irish group DCC, a company that specialises in the distribution of products from fuel to technology. DCC, which is listed in the stockmarket in London, is one of Ireland's biggest companies, with a market capitalisation of £4.4bn (€6bn). Its chief executive is Tommy Breen.
Its interests extend across the UK, where it is the biggest distributor of home heating oil, to Ireland, France and Sweden, where it owns chains of petrol stations. It is also involved in waste management.
Fannin is a direct subsidiary of DCC Vital, which is the group's healthcare division, supplying medical devices, pharmaceuticals and logistics to the sector.
Fannin Compounding is a part of the Fannin unit, and manufactures and supplies aseptically prepared compounded medicines to hospitals in the State. It has been trading since 2004, when it was first awarded a manufacturing licence by the Irish Medicines Board, which is now known as the Health Products Regulatory Authority. It operates out of a facility in Sandyford, south Dublin, which was built in 2004 and expanded in 2009.
The unit is involved in the aseptic filling of oncology, pain management, antibiotic and paediatric nutrition products into ready-to-use devices such as syringes and IV bags for patients.
In June this year, the Irish Competition and Consumer Protection Commission (CCPC) was notified that the UK arm of global American healthcare giant Baxter intended to buy Fannin Compounding, including its manufacturing site in Dublin.
"As part of the proposed transaction, Baxter also plans to acquire Fannin Compounding's customer list, product price list, product specifications and details of its supplier arrangements," noted the CCPC.
In July, the CCPC told both Baxter and Fannin that it required further information about the proposed sale. However, last month the CCPC said it would launch a full probe into the planned purchase by Baxter.
The CCPC said: "The Commission is unable, at this stage, to reach a determination that the proposed acquisition will not lead to a substantial lessening of competition in any market for goods or services in the State. Accordingly, it intends to carry out a full investigation."
In its last financial year, DCC's healthcare division - which includes Fannin and other operations - generated turnover of £488m (€664m) and an operating profit of £39.7m (€54m).
DCC generated group revenues of £10.6bn (€14.4bn) and an operating profit of £221.7m (€301.6m) in the 12 months that ended in March.