Alkermes establishes business operations in Ireland

AlkermesSep 19 2011

Alkermes plc (NASDAQ: ALKS) today announced the establishment of its corporate operations in Ireland, with new headquarters located in Dublin. The company, including its headquarters and operations in Athlone, County Westmeath, has more than 450 employees based in Ireland and more than 1,200 employees worldwide.

Alkermes plc was created following the merger of Alkermes, Inc. with Elan Drug Technologies (EDT), the profitable, world-class drug formulation and manufacturing business unit that was formerly a part of Elan Corporation, plc.

Marking its first day of operations in Ireland, Alkermes has announced a multiyear, multimillion dollar manufacturing agreement with one of the world's top ten pharmaceutical companies. Under the terms of the agreement, Alkermes will manufacture the company's finished pharmaceutical product, which will be produced at Alkermes' Athlone, Ireland facility. Alkermes expects this agreement to generate $15 million to $20 million in annual manufacturing revenues by 2016. The Athlone facility is one of three major manufacturing plants owned by Alkermes plc at which the company produces proprietary, partnered and contract-manufactured drug products.

Welcoming today's announcement, Mr. John Perry TD, Minister of State for Small Business said, "Alkermes plc's decision to establish its headquarters in Ireland is further demonstration of this country's continued ability to attract companies, like Alkermes, in growth industries, to set up operations here. Today's announcement showcases that Ireland is very much open for business and is an excellent location to host operations of multinational companies. The additional announcement of a new contract for the Athlone facility is an indication of its track record for successful innovation and high-quality manufacturing."

"We are a strong, global company with a diversified product portfolio, and we look forward to accelerating our growth to create value in our business and for the patients we serve," said Richard Pops, Chief Executive Officer of Alkermes. "Alkermes is excited to have our operations based in Ireland, which we view as a gateway to the European Union and global pharmaceutical market."