Graduate News: DIT College of Business Graduate- Irish entrepreneur Gareth Sheridan
25 June 2018
The Irish Times released that Nutriband, a pharmaceutical company founded by Irish entrepreneur Gareth Sheridan, is to acquire Carmel Biosciences in a €3.2 million deal
The deal is the latest in a series of acquisitions from Nutriband, which was founded by Mr Sheridan, a DIT business graduate from Dublin. Gareth Sheridan, who was named Ireland’s Young Entrepreneur of the Year in 2014, developed the idea for Nutriband while completing his thesis as a Business and Management student at DIT College of Business. The company has a number of products for cardiovascular disease, inflammatory joint disease, abuse deterrent fentanyl and diabetes in its pipeline that use the same absorption method as nicotine patches.
The business recently acquired Georgia-based 4P Therapeutics for $1.9 million. This took place nearly a ear after it bought Ohio-headquartered company Advanced Health Brands, whose intellectual property (IP) was subsequently independently valued at $120.7 million.
The transdermal drug delivery market is experiencing some of the most significant growth within the pharmaceutical industry currently with research provider MarketsandMarkets recently forecasting it will grow to $125.88 billion by 2021 from $92.40 Billion in 2016 at a compound annual growth rate (CAGR) of 6.4 per cent during the period.
The Florida-based company, which floated two years ago, has appointed Irish entrepreneur and former presidential candidate Seán Gallagher as its president. Full article in the Irish Times.