- Company Announces Manufacturing Deal Expected to Generate Escalating Revenues Reaching $15 Million to $20 Million Annually -
DUBLIN, Sep 19, 2011 (BUSINESS WIRE) -- 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."
About Alkermes plc
Alkermes plc is a fully integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to develop innovative medicines that improve patient outcomes. The company has a diversified portfolio of more than 20 commercial drug products and a substantial clinical pipeline of product candidates that address central nervous system (CNS) disorders such as addiction, schizophrenia and depression. Headquartered in Dublin, Ireland, Alkermes plc has an R&D center in Waltham, Massachusetts and manufacturing facilities in Athlone, Ireland; Gainesville, Georgia; and Wilmington, Ohio. For more information, please visit Alkermes' website at http://www.alkermes.com.
Note Regarding Forward-Looking Statements
Certain statements set forth above may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to statements concerning future financial and operating performance, business plans or prospects; the likelihood that the contract manufacturing agreement will contribute $15 million to $20 million in annual manufacturing revenues by 2016; whether Alkermes will continue to pursue new contract manufacturing agreements in the future; and whether revenues earned from this manufacturing agreement will increase. Although the company believes that such statements are based on reasonable assumptions within the bounds of its knowledge of its business and operations, the forward-looking statements are neither promises nor guarantees and the company's business is subject to significant risk and uncertainties and there can be no assurance that its actual results will not differ materially from its expectations.
These risks and uncertainties include, among others: the company's ability to successfully manufacture finished pharmaceutical products in a timely and cost-effective manner; the potential for interrupted supply of materials provided to us by third parties that are used in manufacturing finished product; the possibility that the anticipated revenues from the manufacturing agreement cannot or will not be fully realized; the possibility that costs or difficulties related to manufacturing the finished product will be greater than expected; decisions by foreign regulatory authorities or the U.S. Food and Drug Administration regarding the company's current Good Manufacturing Practices; and those risks described in the Alkermes, Inc. Annual Report on Form 10-K, as amended, for the year ended March 31, 2011, subsequent Quarterly Reports on Form 10-Q and recent Current Reports on Form 8-K, the definitive proxy statement/prospectus (commission file number 333- 175078) with respect to the merger transaction, and in other filings made by the company with the Securities and Exchange Commission ("SEC") and which are available at the SEC's website at http://www.sec.gov. The information contained in this press release is provided by the company as of the date hereof, and, except as required by law, the company disclaims any intention or responsibility for updating any forward-looking information contained in this press release.
SOURCE: Alkermes plc
Alkermes plc
For Investors:
Rebecca Peterson, + 1-617-899-2447
or
For Media:
Jennifer Snyder, + 1-617-448-0281
or
Mike Sinclair, +44 20 7318 2955