Galway’s Chanelle Pharma has been sold to private equity firm Exponent, in a deal that is reported to be valued at up to €300 million.
Founded in 1985 by Michael Burke, Chanelle is Ireland’s largest indigenous manufacturer of both human and veterinary generic pharmaceuticals.
It now has a presence in over 90 countries and supplies pharmaceutical products to 10 of the top 12 multinationals in the world.
In 2018 Chanelle announced that it would be investing €85 million to double its manufacturing capacity, launch 96 new products, and expand its workforce to 850 people over the course of five years.
In 2021 the company announced a €5 million investment in warehousing and new manufacturing operations which would create 60 new jobs.
It’s understood that the deal will see the Loughrea-based company remain under its current management, save for Mr Burke, who is retiring with the closing of this deal.
