The chief executive of Northern Ireland pharmaceutical company Galen Holdings, Roger Boissonneault, has raised more than $3 million (€2.5 million) from the sale of most of his shares in the company.

Mr Boissonneault sold 51,163 American Depositary Receipts (ADRs), the equivalent of 204,652 shares, at a price of $60.9879 per ADR.

The sale reduces his holding in the company from 0.12 per cent of the share capital to 0.01 per cent.

However, a company spokesman noted that the shares sold by Mr Boissonneault were acquired when he exercised share options last month. He retains just under 20,800 Galen shares and options over more than 300,000 ADRs.