Business Irish

Saturday 20 January 2018

Jazz boss Mulligan sells €19m stake

Roisin Burke

Jazz Pharmaceuticals director Seamus Mulligan has cashed out a share of the Nasdaq-listed company to the tune of €19m.

The Irishman sold 425,000 shares at a price of $58 each on Thursday last.

Other directors also cashed out of shares in a big way, with one director, Patrick Enright, selling €36m worth.

Mulligan is chief business officer at the company since it merged with Azur Pharma, which he founded. Azure merged with Jazz in a €385m deal in 2011.

Prior to that Mulligan was in charge of corporate development and R&D at Elan Pharmaceuticals and was credited with helping turn around that company and relieving its colossal debt burden. He departed in 2004 to set up Azure.

Mulligan also sold €90m worth of stock in September last year. On Monday, the company announced an underwritten public offering of 5.4m shares by certain existing shareholders. The company said it wouldn't receive any proceeds from the sale.

The company won a patent battle played out in court in the US last year, over its narcolepsy medication, Xyrem. The judge ruled in Jazz Pharmaceutical's favour, which saw its share price leap by 50 per cent.

Jazz makes products that have applications in treating narcolepsy, cancer treatment, pain management and psychiatry.

Irish Independent

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