Reihill said to be behind €7m funding of European drug firm

 

The former joint chief executive of fuel firm Tedcastle Holdings, Shane Reihill, is believed to be heading up a €7 million investment in a European generic drugs company.

Mr Reihill is said to have invested the funding in Consilient Health, a newcomer to the generic drugs market which is most active in the United Kingdom and the Netherlands.

It is understood some co-investors may have also been part of the investment with Mr Reihill.

Generic drugs contain the same active ingredients as the original brand name drug and are therefore interchangeable with the original product.

Generics are used for the same symptoms as the original brand drug, but are often cheaper than their branded rivals.

They have to be licensed and given market approval by the European Union or national medicines authorities.

Mr Reihill, who is a member of Dublin-based Reihill family who have been linked with Tedcastles Holdings for many years, is now involved in a range of projects, including chairing inforamtion technology company Norkom Technologies.

He was recently involved in the acquisition of the Mean Fiddler Music Group Ltd.

He has invested in a range of businesses via his company BHR and also Trinity Venture Capital and Hibernia Capital Partners Limited.

He has also served as a director of An Post, MTL Properties and the Barretstown Gang Camp Fund Limited.

Consilient is hoping to roll out a series of products across Europe.

Douglas Andrews, the chief executive and founder of the company recently said: "The company has entered into a large number of long term supply agreements with manufacturers world wide to be able to assure a steady and cost effective supply. Our future plans include several new launches across Europe in the coming months".

Consilient said Mr Reihill's investment would put the company on a solid financial basis.

It said BHR had a strong record of backing hi-tech start-ups.

"This investment is the best way for us to show that we have serious intentions and that we are in this game for the long run," said Mr Andrews.

According to the most recent accounts for BHR Ltd the company had accummulated profits of €1.2 million., up slightly from €1.1 million.

The company now had shareholders funds of €5.3 million.

In 2001 John Reihill bought out the shares in Tedcastles held by his brother Frank and nephew Shane, taking full ownership of the company.

At that time the finance available to the various funds led by Shane Reihill were said to reach about €200 million.

But since then Mr Reihill has moved to invest heavily in a serious of hi-tech start-up companies.