The end of the Elan era in Athlone

Elan has been a name synonymous with industry in Athlone for over three decades but it's expected that the pharmaceutical company's presence in the town will draw to a close on Friday. That's when a $960 million deal to sell the Athlone-based Elan Drug Technologies business to Massachusetts-based Alkermes is scheduled to be completed. The transaction will create a new firm, Alkermes plc. Although Elan will retain a 25% share in the new venture, the Monksland, Athlone, plant which employs approximately 400 people will no longer bear its name. Monday next, September 19, is likely to be the first day of the new company's operations, and Alkermes chief executive Richard Pops is expected to mark the occasion with a visit to the Athlone facility. It was announced last week that 99.9% of Alkermes' shareholders had voted in favour of finalising the purchase of Elan Drug Technologies. "The overwhelming shareholder support for this transaction underscores the value that we are creating with this transformative merger," commented Mr Pops. "We are excited about the formation of this unique biopharmaceutical company and believe Alkermes plc is well-positioned to deliver significant growth and to develop important new medicines designed to improve patient outcomes." Alkermes plc is reportedly planning to set up its headquarters in Dublin before the end of the year. The sale of Elan Drug Technologies was first announced in May, at which time Mr Pops said not only were the jobs in Athlone secure but there was potential to increase the number of staff here in the months and years to come. Elan was established by American entrepreneur Don Panoz and his wife Nancy and first came to Athlone in 1978.