Sunday 18 February 2018

Pharma entrepreneur Mulligan (55) has seen his wealth levels suffer as markets turned against the biotech sector. The Roscommon-based Mulligan played a key role in turning around Ireland's then-biggest drug company Elan, which was struggling with excessive debt.

He then set up his own firm Azur, which he merged with Nasdaq-listed Jazz in 2011. Investors went wild for the new company and shares went stratospheric. Wisely, Mulligan took a lot of money off the table, selling €210m worth of stock. In November he sold another €2m. He retains a near-€160m stake - half the value of last year.

Mulligan diverted up to €60m of his own cash into Adapt Pharma, which is developing new treatments including one to help treat heroin more thandoses. Mulligan was also a sizeable investor in the property sector, backing a number of high-profile and heavily leveraged Derek Quinlan syndicates. These bought the Four Seasons in Prague and properties in London's West End. Gay Byrne was a fellow investor in the London deal.

Mulligan also bought former Taoiseach Albert Reynolds house on Ailesbury Road for €14m during the boom.

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