Merrion Pharmaceuticals New Facilities

Merrion Pharmaceuticals New Facilities

Merrion Pharmaceuticals has purchased a new facility in order to expand its current research and development operations.

Merrion has acquired a 26,684 square foot pharmaceutical facility in Citywest, Co Dublin.

The company says it is ideal for Merrion's R&D activities as the previous owners had adapted the plant for use as a pharmaceutical manufacturing facility. Merrion paid a total of €3.75m for the facility and its pharmaceutical equipment.

"We have been expanding rapidly over the last 12 months and it became apparent that we needed additional R&D space to undertake our existing workload and to potentially increase the number of products in development,"said CEO John Lynch.

€900,000 of the price will come from cash, with Merrion borrowing €2.85m, most of this in the form of a 15-year mortgage.

Commenting on the purchase, Fintan Maher Managing Director of Growcorp Group Ltd said "Growcorp initially looked at the  manufacturing facility last September, when Biovail put it up for sale. We calculated that the building had cost well over €20,000,000 to construct and equip less than six years previously. The equipment alone originally costing about €8,000,000. As the majority shareholders and founders of Merrion we are delighted at the acquisition. We have no doubt Merrion is now well positioned to deliver exceptional growth"

Growcorp founded Merrion in 2003, when it acquired significant IP from Elan. Growcorp then wrote a business plan and hired senior management in 2004 and 2005. Merrion had a successful IPO in 2007. Growcorp or related parties control the majority share holding in Merrion.

Copyright 2007 Growcorp Group. All Rights Reserved.
Office: Growcorp Group Limited, 3015 Lake Drive, Citywest Campus, Citywest, Dublin 24 | Telephone: +353 1 4661000 | Fax: +353 1 4661002
2009
Merrion’s new facility at Citywest officially opened by Minister Harney 29 October 2009. Growcorp the founding Shareholder of Merrion Pharmaceuticals the Irish Stock Exchange listed company today announced it was delighted with the opening by Merrion Pharmaceuticals of it new facility in Citywest.

Merrion Pharmaceuticals has purchased a new facility in order to expand its current research and development operations.
Merrion has acquired a 26,684 square foot pharmaceutical facility in Citywest, Co Dublin.

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2008
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2008
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2008
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2008
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2007
Merrion Pharmaceuticals Plc was admitted to the IEX today and commenced
unconditional trading.........