Alkermes Inc. To Expand Pharmaceutical Manufacturing Facility

Union, OH - Alkermes, Inc. is planning an expansion of its Clinton County pharmaceutical manufacturing facility. The announcement came following the approval of a Job Creation Tax Credit for the company and is contingent upon final approvals of the state of Ohio's complete incentive package.

Alkermes, Inc. is a pharmaceutical company that develops products based on sophisticated drug-delivery technologies. The company has commercial and candidate products including long-acting or extended-release injections for use in schizophrenia and alcohol dependence.

Alkermes partners its proprietary technology systems and drug delivery expertise with pharmaceutical companies worldwide and also develops novel, proprietary drug candidates for its own account. The company's headquarters are in Cambridge, Massachusetts, and it operates research and manufacturing facilities in Massachusetts and Ohio.

"Alkermes is pleased to be expanding its manufacturing facility in Ohio," said Jim Frates, Chief Financial Officer of Alkermes. "The company's decision was driven by the recent tax reform and the excellent reception from Ohio, Clinton County and Wilmington. We have a long-term commitment in Ohio and look forward to bringing additional jobs into the region."

The action by the Ohio Tax Credit Authority modifies an existing 10-year, 60 percent Job Creation Tax Credit originally issued in 2001. Under the new agreement, the value of the credit will be raised to 70 percent for the remainder of the original 10-year term for the creation of 275 new jobs.

During the $76 million expansion, Alkermes will add 44,000 square feet to its existing 100,000 square-foot research and manufacturing facility in Union Township. Ohio is considering other incentives, including training grants and financing assistance.

"Since 2001, Alkermes has increased its Ohio operations from 57 to 275 employees, and within three years, that could grow to 550 employees," said Bruce Johnson, Lt. Governor of Ohio. "Prudent use of incentives has helped ensure that Alkermes stays right here in Ohio, and shows the world that when it comes to helping bioscience companies succeed, ‘Ohio Means Business'."

SOURCE: Alkermes, Inc.