Stanley Capital, a London-based private equity firm, has acquired Dublin-headquartered pharmaceuticals company Noden Pharma from US-listed PDL BioPharma in a deal worth up to $48.25m (€40m).
Noden, which is headed by Alan Markey, is a global speciality pharmaceutical company focused on acquiring prescription medicines across a broad range of therapeutic areas in international markets.
"Entering into this transaction for the sale of Noden to Stanley Capital represents another significant step in the execution of our monetization strategy," commented PDL's president and CEO Dominique Monnet.
Simon Cottle, a co-founder of Stanley Capital, said: "The acquisition of Noden is the culmination of years of thematic research into the speciality pharmaceuticals sector, which identified the company as a strong buy and build platform.
"We look forward to working with Noden's excellent management team and our industry advisers to build the company into a leading pharma platform."
According to Private Equity News, Cottle, a former Ardian and Hg executive, launched Stanley Capital in 2019 alongside Patrick Hargutt, a former Centerbridge Partners executive, and James Brooks, who joined from renewable energy developer Lightsource BP.
Based in London, Stanley Capital seeks to invest in the technology, healthcare and sustainability sectors, targeting businesses with enterprise values of between $250m and $2.5bn.
Global benefits consultancy Mercer has found that deficits in defined benefit (DB) pension schemes in Iseq-listed companies reduced in the second quarter by €200m as equity markets recovered.
The company has estimated the cumulative DB balance sheet deficits for Iseq companies have reduced from €1.2bn at the end of the first quarter to €1bn in aggregate at the end of the second quarter.
According to Mercer, equity markets have rebounded by around 15pc over the second quarter, improving pension scheme funding positions. Despite this, markets are still below where they were at the start of 2020.
Peter Gray, corporate consulting leader and principal at Mercer, said Q2 had been positive for pension scheme funding levels, though he warned Covid-19 means markets will remain volatile.
Former Bank of Ireland governor and managing director of Irish Distillers Richard Burrows and his wife Sherril plan to knock down their bungalow on Malahide’s picturesque Coast Road.
Under the plan, the 427sqm house, on a one-hectare site, will be replaced by a five-bed house, a three-bed bungalow and seven two-storey detached homes.
That, of course, depends on Fingal County Council approving the plans for the scenic spot after they submitted additional information about their landscaping schemes for the project.
Sunday Indo Business