BIOPHARMA GROUP Alkermes has established its new Irish corporate base following a merger with Elan Drug technologies.

The $960 million deal agreed back in May, which saw Alkermes acquire the Athlone-based drug technology business of Irish group Elan, was confirmed last week by Alkermes shareholders. As part of the transaction, the US company has now moved its corporate headquarters to Dublin.

Alkermes also announced yesterday that it had secured a multimillion-dollar and multiyear manufacturing deal with one of the top 10 pharmaceutical companies worldwide, although chief executive Richard Pops was unable to say which one because of a confidentiality clause.

The contract will provide a boost to the company’s Athlone plant – one of three manufacturing bases worldwide – and is expected to generate annual revenues of between $15 million and $20 million by 2016.

The company employs 450 people in Athlone out of a global workforce of 1,200.

“Alkermes is excited to have our operations based in Ireland, which we view as a gateway to the European Union and global pharmaceutical market,” Mr Pops added.

He said the acquisition of Elan Drug Technologies was a “transformational deal” for his company, but it had not overleveraged its balance sheet. Elan retains a 25 per cent interest in the group but this is expected to be sold down after a six-month lock-in period.