The news of Elan's dramatic share collapse has cast a shadow over Athlone, where over 400 people are employed by the pharmaceutical giant.
"It would be a disaster if anything were to happen to those jobs. Everyone in Athlone is very fearful about the future in light of the share collapse," said town mayor Austin Berry. The share collapse comes just as Elan is expanding its Athlone plant, with up to 120 new jobs set to be created in a new building at the plant at Monksland on the west side of the town.
Mr Berry said: "The uncertainty is terrible. Elan had a tough year in 2002, and came through it, and now we have had this news in the last few weeks.
"Elan has been very good to Athlone. They have always been good employers, and it would be a disaster if the jobs here were lost. A lot of fine research is carried out at the plant.
"Right now, all we can do is sit tight and see what happens."
Tysabri is not manufactured in Athlone, but it was to the forefront of the company's worldwide revival after the traumatic downturn of 2002.
Staff at the plant were briefed yesterday on developments.
Local Fine Gael TD Denis Naughten said "this share collapse is a major cause of concern for Athlone and its hinterland."
He repeated his call on the Government to ensure the proposed National Institute of Bioprocessing Research and Training is located in the Athlone area.
