AZUR PHARMA Limited, the Irish pharmaceutical company founded by former Élan executive Seamus Mulligan in 2005, has licensed the exclusive US marketing rights for four drugs used for the treatment of conditions primarily relating to the central nervous system from UCB, a quoted pharmaceutical company.

The company said the deal substantially broadens the range of products now held by it and allows it to leverage the nationwide sales force it has built in the US.

Financial terms were not disclosed but industry sources said said the price was in the $10 million region. The drugs licensed are Niravam, Parcopa, Kemstro and Fluxid.

Azur Pharma was established by Mr Mulligan in 2005. The company has raised over €75 million in two fundraising rounds, principally through Davy Private Clients.

The latest deal represents the fifth transaction the company has completed since it was established.