Azur Pharma - the Dublin-based pharmaceutical company set up by former Elan vice-president Seamus Mulligan - is to acquire the anti-psychotic drug FazaClo for $42m.
Azur is buying the drug from Nasdaq-listed Avanir Pharmaceuticals to acquire. This is the third and largest acquisition by Azur since its establishment two years ago.
FazaClo is used for severely ill schizophrenic patients who fail to respond to standard drug treatments.
