Canadian firm to sell off Irish business

CANADIAN life sciences heavyweight Bioniche is to offload its loss-making Galway-based subsidiary just 15 months after announcing an €11 million expansion plan at the plant.

The company said yesterday it was putting Bioniche Pharma, its Irish business which employs 120 people at Inverin in the Connemara Gaeltacht, on the market after a “disappointing” year. But it said it hoped to find a buyer quickly that would provide the unit with the investment it needed to succeed.

Bioniche chief executive Graeme McRae said market factors and regulatory issues were behind the poor performance last year. “On the positive side, however, it recently constructed a state-of-the-art production facility which will increase capacity by 500%,” he said. “Existing sales revenues and the new manufacturing capacity provide a good opportunity for a qualified buyer and management is diligently pursuing potential partners.”