UK-based private equity firm Exponent is to acquire Galway-based generic drugmaker Channelle Pharma, in a deal said to be worth about €300m, after beating off competition from other PE firms, according to a report by the Irish Times.
The purchase price for Channelle, which started trading almost 40 years after being set up by then-vet and now-Managing Director Michael Burke, falls short of the €400m estimated valuation when the company appointed Rothschild, the London investment bank, to sound out potential purchasers.
Exponent faced competition from rival PE firms including HIG and Duke Capital to secure a deal for Chanelle, which has veterinary licences for as many as 3,000 animal medicines in the EU and up to 1,800 licences for human drugs, according to the report.
