Azur Pharma raises €35m in capital

AZUR Pharma, the pharmaceutical company set up by former Elan executive Seamus Mulligan, has successfully completed a private placement of ordinary shares, raising $48 million (€35 million).

The share issue represents 28% of Azur’s outstanding share capital.

The private placement was arranged through Davy Corporate Finance.

Mr Mulligan said: “The offering leaves us with strong cash resources after funding the acquisition of FazaClo.”