Monday 18 February 2019

Seamus Mulligan (58), a serial pharmaceuticals entrepreneur from Waterford had a hugely successful year in 2018.

He owned an 80pc stake in Adapt Pharma, a maker of opioid overdose treatment spray Narcan. It was reportedly used to revive singer Demi Lovato after an alleged overdose. The firm sold in September to New York-listed Emergent Biosolutions for $635m plus an additional $100m if certain targets are met.

Now based in Athlone, Mulligan, who put about €60m into Adapt, will have got back about €435m before taxes, and could get another €70m in the future from the earn-out fee. We're going to assume he paid Irish capital gains tax on the profit he's made so far.

He has a stake in Jazz Pharmaceuticals - which did a merger with Azur, another pharma venture he set up in 2011 - worth about €180m.

During the boom he bought former Taoiseach Albert Reynolds' house on leafy Ailesbury Road in Dublin for €14m, while also investing in other properties and, along with TV legend Gay Byrne, the Derek Quinlan syndicate that bought properties such as the Four Seasons hotel in Prague and others in London's Mayfair.

He is also believed to have backed a number of early stage companies in the pharma and medical sector, while a family investment firm has backed a whiskey distillery in Waterford.

Online Editors

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