Profits at Chanelle Pharma fell ahead of this year’s €300m sale to Exponent

Michael Burke started Chanelle Pharma 40 years ago

Gordon Deegan

Pre-tax profits at the Co Galway-based Chanelle Pharma group decreased by 42pc to €13.7m last year due to higher costs.

Earlier this month, vet-turned businessman Michael Burke sold Chanelle Pharmaceuticals, which he founded more than 40 years ago, in a deal understood to be worth about €300m to British private equity group Exponent.