IDA Ireland Announces Entry into Lease Agreement with Aerie Pharmaceuticals for New Manufacturing Plant in Athlone
Published: 13th January 2017
Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor TD today welcomed the announcement that Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) has entered into a lease agreement with IDA Ireland to establish a new manufacturing plant in the recently
manufacturing plant in the recently constructed 2,650m2 IDA Advanced Technology Building in Athlone, Ireland.
The project is supported by the Department of Jobs, Enterprise & Innovation through IDA Ireland.
The Athlone facility will house Aerie’s first manufacturing plant, which is expected to produce commercial supplies for Aerie’s current product candidates, RhopressaTM and RoclatanTM. If approved, these products are expected to offer the first new mechanisms of action for treatment of patients with glaucoma in some 20 years. Estimated project-wide construction and equipment costs are expected to total approximately €25 million (excluding ongoing labor-related and lease expenses), and commercial product supply for RhopressaTM, if approved, is expected to be available by 2020.
Aerie has commenced its design plan for the facility and expects to begin internal construction in early 2017. The company will initially create up to 50 new jobs in sterile manufacturing, quality, engineering and other support capabilities.
Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor TD said: “The Midlands is a fantastic place to invest, and Aerie’s choice to locate its manufacturing facility in IDA Ireland’s new building there is particularly welcome. As we pass the 200,000 mark for people employed in overseas companies in Ireland, we need to continue to ensure a good spread of jobs throughout the regions. I wish Aerie all the best with their investment in Athlone.”
“We have now achieved another milestone in executing our stated long-term strategy. As we prepare for commercialization, it is increasingly important that we ensure greater independence regarding our finished product sourcing while also meaningfully reducing our future product costs. We are grateful to our IDA colleagues in Ireland for their cooperation throughout this process and the incentives that we have been granted,” said Vicente Anido, Jr., Ph.D., Chief Executive Officer and Chairman at Aerie.
Martin Shanahan, CEO, IDA Ireland, said: “The decision to proactively build properties to attract foreign investors into regional locations has been further evidenced with Aerie’s selection of the IDA-built facility in Athlone. The pharmaceutical sector continues to be a key target sector for IDA Ireland as we seek to win more business for Ireland in 2017.”
The decision to proactively build properties to attract foreign investors into regional locations has been further evidenced with Aerie’s selection of the IDA-built facility in Athlone. The pharmaceutical sector continues to be a key target sector for IDA Ireland as we seek to win more business for Ireland in 2017.
Martin Shanahan, CEO, IDA Ireland
About Aerie Pharmaceuticals, Inc.
Aerie is a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of first-in-class therapies for the treatment of patients with glaucoma and other diseases of the eye. Aerie's two lead product candidates are once-daiIy IOP-lowering therapies with novel mechanisms of action to treat patients with glaucoma or ocular hypertension. The NDA filing for RhopressaTM (netarsudil ophthalmic solution) 0.02% was originally submitted in the third quarter of 2016 and is expected to be resubmitted near the end of the first quarter of 2017. The second product candidate, RoclatanTM (netarsudil/latanoprost ophthalmic solution) 0.02%/0.005%, which is a fixed dose combination of RhopressaTM and widely prescribed PGA latanoprost, currently has two Phase 3 registration trials underway, named Mercury 1 and Mercury 2. If these trials are successful, a RoclatanTM NDA filing is expected to take place near year-end 2017. Aerie is also focused on the development of additional product candidates and technologies in ophthalmology.