Two pharmaceutical executives who quit their multinational employer ten years ago to establish EirGen Pharma in Waterford are in the money after the company was taken over by NYSE-listed Opko Health.

Opko, based in Miami, is paying $100m cash and $35m in Opko shares for the business, which has a focus on high potency drugs such as those used for cancer chemotherapy. The EirGen principals are Tom Brennan (46) and Patsey Carney (51) (pictured), who each held a 12.7% stake in the company. Their share of the sale proceeds will be a gross €15.4m each and they are staying on under the new ownership.

EirGen’s largest shareholder was Saudi Pharmaceutical Industries based in Riyadh, with a 48.5% stake. The Saudis came on board in 2012, paying €17m for their stake, which the Opko deal values at €59m. Canadian company Ontario Inc had a 14.3% stake in EirGen while Eileen Raggett in Kilkenny owned 8.3% of the equity.

Enterprise Ireland will gross €3.6m from the deal while smaller shareholders Barrie Daish and Paul Kenny are in line around €180,000 each in for cash and Opko shares. Other beneficiaries from the deal are Kathleen Foley, Pascal Kennedy, David Kenny and Martina Ryan.

EirGen Pharma Ltd had a net worth of €17.4m at the end of 2013. The company made an operating loss of €600,000 but recorded a net profit of €900,000 after accounting for an R&D tax credit of €1.3m. Opko Health founder Philip Frost is a veteran of building up pharma companies that are sold on to bigger players.

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