Dublin-based investment firm Fastnet Equity has reached conditional agreement to acquire drug firm Amryt Pharmaceuticals for £29.6m (€37.5m).

Fastnet Equity is considering spinning out its Irish exploration assets into a separate entity, in a bid to derive future shareholder value from them.

Fastnet Oil & Gas has become the first Irish casualty of the sub-$50 oil price environment; opting to exit the sector in favour of investing in the healthcare/ biopharmaceutical industry.