US pharma firm Aerie to build Irish manufacturing plant
Published 21/09/2016 | 02:30
Further investment in Ireland's pharma sector is on the way, after US firm Aerie Pharmaceuticals raised an additional $125m in stock market sales, with some of the proceeds earmarked for the construction of a manufacturing facility here.
The plant is expected to serve international and US markets for the $1bn company.
Aerie moved its intellectual property to Ireland in early 2015. The plans for the Irish manufacturing plant form part of the group's broader supply chain strategy.
The company is a clinical-stage pharma company that is focused on the discovery, development and commercialisation of therapies for the treatment of glaucoma and other eye diseases.
Aerie raised $41m in equity funding and $20m in debt prior to its initial public offering in 2013, and has since then has raised about $317m on the stock market.
One of the company's drugs is called Rhopressa. Earlier this month, Aerie said that another of its drugs, Roclatan, performed well in trials.
The drug is a combination of Rhopressa and Latanoprost, one of the most widely prescribed treatments for glaucoma.
"We intend to use the net proceeds from this offering for general corporate purposes, including the complete funding of Rhopressa commercialisation costs, execution of clinical trials in Japan, commencement of construction of a manufacturing plant in Ireland and continuation of preclinical activity in support of our product pipeline, along with ongoing working capital requirements," said Aerie.
Aerie submitted a marketing application for Rhopressa to the US Food and Drug Administration this month.