In Ballina, the name Leonard Moran always prompts reference to a black London-style taxi.
‘SERIAL ENTREPRENEUR’ CEO of Ovagen, Leonard Moran
Hatching a plan
INTERVIEW
Anna-Marie Flynn In Ballina, the name Leonard Moran always prompts reference to a black London-style taxi. It is a throwback to the story of how the man who attended Rehins National School, and went on to make it big in the world of biotechnology, returned to his home town after almost ten years working with the Medical Research Council in Britain.
Leonard Moran, a quintessential Ballina man, earned a reputation long ago for his ground-breaking scientific insight with his company Biological Laboratories Europe Limited based at his home place in Carrentrila. Internationally, he attracted huge attention when he sold off the aforementioned company to Massachusetts-based Charles River Laboratories for an alleged €28 million. As chief shareholder, he is believed to have earned almost ten million euro from the sale.
Locally, however, he is regarded as an everyman-type character that simply used his knowledge and struck it very lucky. Despite his career success, however, a description of Leonard Moran as ‘modest’ is wholly appropriate.
Even by his standards, last Thursday Leonard Moran was unassuming in the extreme – irrespective of the fact that it was one the most momentous days of his career to date.
His brand new project Ovagen was officially launched in the plush Mount Falcon Country House Hotel, with a total of 60 jobs announced for Phase One of the company to be based adjacent to the Bio Labs site.
With an investment figure of €325 million attached, this is a revolutionary biotechnology company which will see Ballina become home to one of the most lucrative scientific lines on the earth.
The idea? The world’s first germ-free eggs and chickens. Hatching a plan, if you’ll pardon the pun, is something Leonard Moran seems to have a flair for, leading to the moniker ‘serial entrepreneur’ being attributed to him last week by Minister for Enterprise, Trade and Employment, Micheál Martin.
The unique idea is the result of several years of exploration, coming in at a cost of €15 million.
“Ovagen International Ltd is the result of six years of research and development during which we set about solving a major problem within the human vaccine industry. There can be problems with chickens which existed from time immemorial in that the digestive and reproductive systems are combined. Eggs used in vaccine production carry regular contamination and this has caused major disruption in the manufacturing process. Ovagen set about solving this problem and succeeded in producing the first germ free chickens and eggs in the world.”
With a €41 million price tag on the first phase of development, it seems germ-free chickens and eggs are very big business.
In order to facilitate such a company, building will commence this month on highly-specialised category four buildings, covering a total of 100,000 square feet and located on an eight-acre site at Carrentrila outside Ballina.
“It is expected that phase one will employ in the region of 60 skilled scientific employees in areas of production and operation. This phase is scheduled to take place over the next 12 to 18 months. We do have major, major plans down the road but we are remaining very focused on this for the moment.”
It is widely reported that the enterprise’s long-term goal could mean employment for up to 450 people.
Experts have also predicted that the endeavour will annex a staggering 20 per cent of the market for eggs used for vaccines in the first five years of production. That market is estimated to be worth €3.3 billion. Net profits at the end of the five-year period are tipped to hit the €600 million mark. The potential success is beyond all comprehension.
Behind the scenes is an operational team boasting a combined 75 years of life-science related experience, securing world patents in both Europe and the US, and further approvals are on the way.
“We are creating a world-first here. The intellectual property is covered by world-wide patents and we will be mainly selling overseas with 95 per cent of the product exported to vaccine manufacturers,” said Mr Moran.
While the production of vaccines will be the primary use for the germ-free eggs, there are more possible uses, such as the therapeutic treatment of diseases including leukaemia and cancer.
Goodbody Stockbrokers has been hired to seek out investors to generate the first €100 million to facilitate production.
Round one funding for €8 million will be completed this month and by the end of 2009 Ovagen will be opening to markets as a full-scale operational commercial business. By 2012, the company intends creating a facility that will have the capacity to produce in the region of three million eggs per annum.
Metaphorically speaking, the latest brainchild of Leonard Moran may be a hundred million miles from his return in that infamous black taxi, but in geographical terms, he has not strayed too far from his alma mater, Rehins National School, or his family homestead.
