Biotechnology specialist Elan Corporation yesterday announced that it plans to invest €35 million in a new sterile bio-pharmaceuticals plant at its headquarters in Athlone, Co Westmeath.
The new facility will create 120 new jobs over the next five years, Elan's vice-president, Mr Paul Breen, told The Irish Times yesterday. He also pledged that the jobs would be of high quality.
The company intends to employ people in supervisory, quality control, engineering, laboratory and operative areas.
Mr Breen also said that Westmeath County Council had already given planning permission for the new facility and he added that construction was under way. This will be finished by December 2005.
Elan has invested €178 million in Athlone in recent years. Mr Breen said that the midlands facility played a key part in the company's overall strategy. It already employs 438 people there in product development and manufacturing.
The Tánaiste and Minister for Enterprise, Trade and Employment, Ms Harney, announced the investment yesterday. She said Elan's decision to locate the new plant in Athlone underlined the Republic's continued competitiveness and attraction as a location for investment.
"The new employment opportunities represent welcome news for the midlands and surrounding areas," she said.
"We have secured a major biopharmaceuticals manufacturing presence in a regional location and I congratulate the Irish management team for its success in ensuring that this investment will take place in Athlone.
"Other important investments involving major overseas corporations are in the pipeline and I expect to be in a position to make announcements in regard to these matters over the coming weeks," Ms Harney added.
The new facility will be used in the manufacture of injectable treatments for Elan and for third parties. The Irish company is involved in drug delivery, and is developing and manufacturing the means of administering drugs and medical treatments.
It will also be involved in the production of Antegren, the multiple sclerosis (MS) and Crohn's disease drug for which Elan is seeking regulatory approval in the US and Europe.
Antegren is in late-stage clinical trials for both conditions. Last month the company announced that it had applied to the US Food and Drugs Administration for approval for the use of the drug as an MS treatment. It is expected to apply to the European Medicines Agency for approval for Crohn's disease later this year. Both agencies have already approved the Athlone manufacturing facility.
Analysts believe that Antegren could be on sale in the US as early as next year and could book initial annual sales in the region of $200 million (€166 million).
In a statement yesterday Elan said that it planned to submit its severe pain treatment, Prialt, for approval in the US this year. It has already applied for European approval for the drug.
Elan is an Irish-based company with a listing on the Dublin and New York stock exchanges. It will hold its annual general meeting in Dublin on Thursday.
