EirGen signs deal to create anti-cancer drugs for US
Friday September 28 2007
EirGen Pharma, a Waterford pharmaceutical R&D company, has struck a potentially lucrative deal with a American firm to develop and sell a range of anti-cancer drugs for the US market.
Despite being in business for just 18 months, EirGen has brokered a profit-sharing deal with US firm Three Rivers Pharma to develop and sell three new products.
The agreement, both companies said, will allow them to compete in a market worth $2bn (€1.41bn) a year. The new drugs could lead to revenues of up to $200m (€141m) a year with the profits shared.
EirGen, which specialises in developing potent high dose drugs at its high containment facility in Waterford, will be paid by Three Rivers Pharma for all the developing and manufacturing costs.
The Waterford firm is a client of Enterprise Ireland which is undertaking a trade visit to the US this week.
The announcement was made by Enterprise minister Michael Martin at a meeting in New York.
EirGen CEO Patsy Carney said: "This is a strategic fit with Three Rivers. Our ability to develop high potency products and their ability to sell them to niche markets in the US is a perfect match."
Minister Martin arrived in Boston last night for the final leg of the Enterprise Ireland visit which has seen $55m worth of deals announced by Irish companies and their US partners.
He said: "This is the fruit of a new generation of Irish entrepreneurs taking advantage of the huge business opportunities available in the US and the faith of US firms in Irish services and products."
