Business

The Irish Times Business Person of the Month: Michael Burke, Chanelle Pharma

Vet turned businessman sells €300 million business built up over 40 years

Chanelle Pharma founder Michael Burke has been chosen as Business Person of the Month for February. Illustration: Paul Ryding

Fri Mar 22 2024 - 05:00

Michael Burke, the founder and long-time managing director of Chanelle Pharmaceuticals, has been chosen as The Irish Times Business Person of the Month for February, an award run in association with Bank of Ireland.

The veterinarian turned businessman sold the privately owned business he had established more than 40 years ago in the Co Galway town of Loughrea to British private equity group Exponent during the month for a figure understood to be about €300 million.

It is the largest manufacturer of generic medications for humans and animals in the State and a major employer in the region, with 730 staff.

Chanelle exports to 96 countries and supplies 10 of the top 12 multinationals worldwide in both human generics and animal health. Its portfolio of more than 5,400 licences is tilted almost two to one in favour of animal health.

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Four years ago, Mr Burke finally broke into the US market, with a parasite protection product for cats and dogs, becoming one of only two European companies with a licence to export the products to the US.

Mr Burke has said he will retire from the business following the sale, which is subject to approval from the Competition and Consumer Protection Commission.

“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,” Mr Burke said.

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