Alkermes hosts gathering of US investors

Irish biopharma business Alkermes yesterday hosted a gathering of US investors in their only Irish stop on the European tour.

The group of investment firms, which between them manage $2.4 trillion in funds and have $250 billion exposure to the healthcare sector, are looking at investment opportunities in Europe.

Alkermes’s growing pipeline was seen as the reason for its involvement. Specifically, it provided updates of three new drugs that Alkermes will pursue in clinical trials for the treatment of multiple sclerosis, pain and cancer. The drugs represent a doubling of the number of clinical drug candidates in the Alkermes pipeline.

Alkermes chief executive Richard Pops told the group it was looking forward "to building a substantial biopharmaceutical business, based in Ireland, and bringing innovative medicines to the patients we serve".

Alkermes relocated its headquarters to Ireland as part of a $960 million deal that saw it acquire the former Elan Drug Technologies business in Athlone.

Taoiseach Enda Kenny met the investors later at an event at Guinness Storehouse, where he stressed Ireland’s track record in attracting investment to the country.

“I am delighted to welcome to Ireland our visitors from US investment firms,” he said. “Ireland has a dynamic life sciences sector which employs 50,000 people and accounts for exports of over €50 billion per annum.”