Former Elan chief Donal Geaney dies

The chairman of the National Pension Reserve Fund (NPRF), Donal Geaney, died yesterday after being ill for some time.

Mr Geaney rose to prominence as chairman and chief executive of Elan Pharmaceuticals, the Irish biotech company he transformed into what was for a time the largest listed group in the State.

A chartered accountant, and former KPMG partner, he joined the company in 1987. By 1995, he was chief executive.

At the time, Elan was still essentially involved in reworking existing drugs for new applications. Mr Geaney oversaw an aggressive expansion that saw the company move into new drug development.

Most significantly, he put together the $600 million all-stock deal that saw Elan acquire Athena Neurosciences in 1996. Athena research provided the genesis of the multiple sclerosis and Alzheimer's programmes on which Elan expanded enormously between 1997 and 2001.

A stock collapse precipitated by investor concerns over accounting methods saw Mr Geaney step down as chairman and chief executive in 2002.

He remained with the company until 2004, but more recently was involved in a $12 million unfair dismissal claim against his former employer that was settled earlier this year for €3.5 million and costs.

In 2001, then minister for finance Charlie McCreevy named Mr Geaney to chair the fledgling National Pension Reserve Fund, which is designed to defray the cost of State pensions from 2025.

The fund's commissioners yesterday regretted his passing, saying his "vision, intellect and energy were key elements in its development".

"He was unfailingly committed to and enthusiastic about the fund and his immense contribution will make a significant impact for years to come."

Denis O'Brien, deputy governor of the Bank of Ireland, where Mr Geaney was also a director, said Mr Geaney was one of the very few Irish businessmen who "grew a multinational company out of Ireland".

"He will be a huge loss to the companies with which he was involved," Mr O'Brien said last night. "He was especially helpful to several businesses in their start-up phases."

Elan chairman Kyran McLoughlin said: "We are saddened at the loss. Donal was a man of great vision and business acumen and played an enormous part in the development of Elan."