Sale of Limerick firm nets €33m

STATE bodies, private investors and a Cork-based venture capital firm are in line for a share of a €33 million windfall following the sale of a Limerick firm to a US multinational.

The University of Limerick will receive €2m from the sale of Stokes Bio to California-based biotechnology firm Life Technologies. Enterprise Ireland will receive more than €3m.

The big winner in the deal is Cork-based venture capital firm, Kernel Capital which is set to receive just over €12m from the sale of its 37% share holding in the Limerick company.