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Azur buys drug patent in €54m deal | Print |  Email
Wednesday, 11 July 2007

Drug firm Azur, the investment vehicle of former Elan executive Séamus Mulligan, has purchased an anti-psychotic drug in the US for up to €54m. The deal with Avanir Pharmaceuticals is Azur's third acquisition since it raised €40m in capital from private clients of Davy Stockbrokers in 2005. Its latest acquisition FazaClo - used in the treatment of severely-ill schizophrenic patients - will require the company to almost double its staff to 140 people. Azur plans to increase its presence in the US and to add new products and development projects in central nervous system treatments, urology and women's health. Azur will pay $42m to Avanir at the close and up to another $10m in contingent payments based on regulatory milestones during 2009.

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