Human and animal generics manufacturer Chanelle Pharma, the largest domestic drugmaker in Ireland, was acquired by U.K. private equity firm Exponent.
Although financial details of the deal weren't disclosed, market analysts have previously speculated the maker of both generic human and animal drugs would likely reap around 300 million euros ($323 million), according to the Irish Independent.
Chanelle, which is located near Galway, Ireland, was founded almost 40 years ago and employs more than 700 workers in Ireland, the U.K., Europe and Jordan, according to a Feb. 7 press release.
The company offers services such as R&D and the registration and production of generic human and veterinary pharmaceuticals.
“The business has established itself as a leading pharmaceutical manufacturer of both veterinary and medical products with an extensive portfolio of licenses,” James Gunton, a partner at Exponent, said in the release. “We see tremendous opportunity in the development pipeline and look forward to bringing new products to market, as well as continuing to invest in Research and Development in the years to come.”
To date, Exponent has invested more than 1 billion euros in Irish companies. A timeline for closing the Chanelle deal wasn’t disclosed.
Michael Burke, founder and managing partner of Chanelle, will retire from the company when the deal is completed.