Azur Pharma today announced that it had completed a private placement of ordinary shares for €35 million.
The new share issuance represents 28 per cent of Azur's outstanding share capital.
Azur, the privately held investment vehicle of former Elan executive Seamus Mulligan, also announced the closing of the acquisition of Fazaclo - a drug used in the treatment of severe schizophrenia.
Mr. Mulligan said today that the company was "pleased to announce the successful completion of our offering and the closing of the acquisition of FazaClo. The offering leaves us with strong cash resources after funding the acquisition".
Fazaclo is the third acquisition by the company, which has previously purchased Gastrocrom and Pharmelle in January 2006 and February 2007, respectively.
The company reported it has raised over $100 million (€72.62 million) of equity since its formation in mid 2005.