Opko Bought EirGen in a US$135 million Deal

Published By : 06 May 2015 | Published By : QYRESEARCH

EirGen, the pharmaceutical firm based in Waterford, has been procured by the U.S. based drugs manufacturer Opko for a whopping sum of US$135 million. Established by Mr. Tom Brennan and Mr. Patsy Carney around 10 years ago, EirGen has an employee base of 100 people and is known for manufacturing high potency medicines for cancer chemotherapy.

Opko is listed on the NYSE and is based in Miami. The firm is paying EirGen US$100 million in cash and around US$35 million in shares for the business. The chief executive of EirGen, Mr. Carney has explained yesterday that they wanted to construct the next level and the main focus had to be in the U.S. They made a comparatively soft approach to the pharmaceutical industry in February, 2015 to estimate interest.

The deal with Opko had closed on May 5, 2015 and was assisted by the fact that both Mr. Brennan, who is the chief technology officer of EirGen, and Mr. Carney, were well-known with the executive team behind the U.S. based Opko headed by Mr. Philip Frost, he said.

Mr. Phillip Frost had sold Key Pharmaceuticals to U.S. based Schering-Plough in the year 1986 for US$600 million much before establishing the firm named Ivax, which was sold in 2006 to Teva Pharma, a Israel-based pharmaceutical company for around US$7.5 billion. At present, he is the chairman of Teva Pharma and has established Opko in the year 2007 by merging 3 smaller drugs producers. The current value of Opko is US$6.3 billion.
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