Jazz Pharmaceuticals and Azur Pharma Combine to Create Jazz Pharmaceuticals plc
US company Jazz Pharmaceuticals has bought Irish firm Azur Pharma in a deal that creates a €1.5 billion specialty drug company headquartered in Dublin.
Now named Jazz Pharmaceuticals plc, it has about 430 employees - 20 in Dublin - with offices also in Philadelphia and Palo Alto.
One of the founders of Azur was former Elan executive Seamus Mulligan. Azur shareholders will own just over 20% of the new group, with Jazz shareholders owning the remainder of the combined firm.
Azur Pharma sells ten drugs for the central nervous system and women's health. Jazz makes treatments for narcolepsy and obsessive compulsive disorder.
Bruce Cozadd, the group's chief executive, said Azur's product portfolio was a good match with Jazz's existing business.
He said he had done business in Ireland for the past 20 years, and had had good experiences and encountered high-quality staff.
Mr Cozadd said revenues for the company would be almost $500m this year. He said it was too early to say how many new jobs would be created in Ireland, but he expected jobs growth to be 'significant' in Dublin in the coming years.
'As Jazz Pharmaceuticals plc, we are a growing, profitable specialty biopharmaceutical company with a diverse portfolio of products in the central nervous system and women's health areas,' said Cozadd, chairman and chief executive officer at Jazz Pharmaceuticals. 'We now have a strengthened management team, a broader commercial organization and an efficient platform for further growth, with resources to build our product portfolio and a future pipeline.'
See also: Irish Independent Article