Chanelle Pharma has been sold by its founder Michael H Burke to Exponent, a UK- and Dublin-based private equity firm.

Chanelle, founded in Galway by Burke in 1985, now employs 730 people across its sites in Ireland, the UK, Europe and Jordan.

The company is a leading maker of generic pharmaceuticals for both human and veterinary customers.

Following completion of the deal, which will be subject to approval from the Competition and Consumer Protection Commission, Burke will retire from the company.

There will be no other changes for management or employees as a result of the deal.

Global presence

Speaking for Exponent, which reportedly offered in the region of €300m for Chanelle, partner David McGovern said that they “look forward to working closely with Chanelle's management team to strengthen its global presence and invest in its capabilities”.

Burke said: “Having dedicated my life to building Chanelle Pharma into a global company, I have decided the time is right to allow new owners to lead the company into its next phase of growth.”