French pharmaceutical company Flamel Technologies is to shift all its intangible property from Ireland to France as a part of a global reorganisation.
The deal wil result in a one time tax payment of $14 million to the French government, and the intangible property Flamel will move includes patents on its drug delivery platform technologies, clinical data sets and other intangible assets related to its pipeline of proprietary products in development.
“For operational reasons we believe this is the right time for the transfer of the intangible property to our Irish entity,”said Michael S. Anderson, chief executive officer. The drug company’s R&D function will remain in Lyon, while its clinical and supply chain functions will be headquartered in Ireland, and its commercial organisation will be centered in the United States. The group’s research teams in Lyon will operate on a contract basis for its Irish-based entity.
“We are making this transfer at the right time for Flamel based on the current development stage of the pipeline’s products and the strength of our balance sheet,” Mr Anderson said.
Flamel focuses on the development and licensing of versatile, proprietary drug delivery platforms as well as the development of novel, high-value products based on those delivery platforms, most of which are self-funded.
