DUBLIN, May 2, 2024 /PRNewswire/ -- Alkermes plc (Nasdaq:
ALKS) has completed the previously announced sale of its
development and manufacturing facility in Athlone, Ireland to Novo Nordisk. In connection with
the closing of the transaction, Alkermes will receive a one-time
cash payment for the facility and certain related assets of
approximately $91 million.
"With the completion of the sale of the development and
manufacturing facility in Athlone, Ireland, we delivered on a significant element
of our multi-year program to drive operational efficiency and
further align our infrastructure and cost framework with the
anticipated needs of our business," said Richard Pops, Chief
Executive Officer of Alkermes. "We are grateful to the Athlone team
for their unwavering dedication and commitment over the years to
manufacturing important medicines for patients around the
world."
Alkermes and Novo Nordisk also entered into subcontracting
arrangements to continue certain development and manufacturing
activities currently performed at the facility for a period of time
after closing of the transaction, which activities may continue
through the end of 2025. This transaction is expected to be
operating cost-neutral to Alkermes over the subcontracting period,
and thereafter, the transaction is expected to yield significant
operating cost benefit and contribute to enhanced profitability.
Alkermes will continue to retain all royalty revenues associated
with products currently manufactured at the facility.
Alkermes will continue to manufacture its proprietary commercial
products, VIVITROL®, ARISTADA®, ARISTADA
INITIO® and LYBALVI®, at
its Wilmington, Ohio manufacturing facility.
About Alkermes plc
Alkermes plc is a global
biopharmaceutical company that seeks to develop innovative
medicines in the field of neuroscience. The company has a portfolio
of proprietary commercial products for the treatment of alcohol
dependence, opioid dependence, schizophrenia and bipolar I
disorder, and a pipeline of clinical and preclinical candidates in
development for neurological disorders, including narcolepsy.
Headquartered in Ireland, Alkermes
also has a corporate office and research and development center in
Massachusetts and a manufacturing
facility in Ohio. For more
information, please visit Alkermes' website at
www.alkermes.com.
Note Regarding Forward-Looking Statements
Certain
statements set forth in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including,
but not limited to, statements concerning: the company's
expectations concerning its future financial and operating
performance, business plans or prospects,
including anticipated operating costs and profitability. The
company cautions that forward-looking statements are inherently
uncertain. The forward-looking statements are neither promises nor
guarantees and they are necessarily subject to a high degree of
uncertainty and risk. Actual performance and results may differ
materially from those expressed or implied in the forward-looking
statements due to various risks and uncertainties, including those
risks and uncertainties described under the heading "Risk Factors"
in the company's Annual Report on Form 10-K for the year ended
Dec. 31, 2023 and in subsequent
filings made by the company with the U.S. Securities and Exchange
Commission (SEC), which are available on the SEC's website at
www.sec.gov. Existing and prospective investors are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. Except as required by law, the
company disclaims any intention or responsibility for updating or
revising any forward-looking statements contained in this press
release.
VIVITROL® is a registered trademark of Alkermes,
Inc.; ARISTADA®, ARISTADA INITIO® and
LYBALVI® are registered trademarks of Alkermes Pharma
Ireland Limited, used by Alkermes, Inc. under license.
Alkermes Contacts:
For Investors: Sandy Coombs
+1 781 609 6377
For Media: Katie
Joyce +1 781 249 8927
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