Bitesize Business: pharma investment, rising profits and life science funding

Finance, Life sciences and energy | Thu 2 Feb | Author – Business & Finance
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Business & Finance brings you the day’s Irish business news in brief.

Aralez Pharmaceuticals opens Irish office, plans to create jobs


Global specialty pharmaceutical company Aralez Pharmaceuticals today announced the opening of new offices in Dublin.

The company, which focuses on cardiovascular, pain and other specialty areas, plans to add more highly skilled jobs in Dublin by the end of 2017.

Aralez’s global headquarters is in Ontario, Canada and its US headquarters is in New Jersey.

Adrian Adams, CEO at Aralez Pharmaceuticals, said: “The opening of our new Ireland headquarters is extremely important to Aralez. Ireland has an excellent reputation as a leading location for talented professionals in the pharmaceutical industry and will be essential to help us grow our operations over the next few years.”

Danske Bank reports net profit of over €2.67bn for 2016


Danske Bank Group’s net profit represents a 12% increase from 2015, when net profit before goodwill impairments was €2.37bn.

The result was driven by higher income resulting from, among other things, a larger business volume, decreasing costs and very low impairments.

Total income was up 5% and amounted €6.45bn, against €6.1bn in 2015, driven by higher net interest income, net trading in-come and other income.

Net interest income totalled €2.96bn and was 3% higher than in 2015, while net trading income rose 26% to €1.16bn

At the end of December 2016, total lending was up 5% from the level at the end of 2015.

Read the full story here.

Irish healthcare companies showcase at Arab Health 2017


A delegation of 20 Irish companies participated in the 2017 edition of Arab Health, which took place at the Dubai International Convention & Exhibition Centre.

Enterprise Ireland hosted an exhibition and facilitated attendance for leading Irish healthcare companies, including Aerogen, AmRay Medical, CF Pharma Ireland, Crospon, Fleming Medical, IPC Polymers, Kastus Technology, Locatible, Miravex, Novaerus, Sedana Medical, Synchrophi Systems and 3D4 Medical. The Enterprise Ireland exhibition featured healthcare solutions ranging from improved drug delivery systems, innovative medical devices, new digital health technologies and cutting-edge pharmaceutical products.

Ireland to lead EU marine renewable energy project


An investment of €10.5m in EU funding was announced today in Dublin by University College Cork.

It is the second phase of funding in the transnational, multi-million euro initiative, called MaRINET2, which aims to help industry accelerate the development of offshore renewable energy technologies and infrastructure by opening up access to 57 test facilities across 13 European countries.

The project is co-ordinated by MaREI, the Centre for Marine and Renewable Energy, at University College Cork.

Research consortium awarded €945,000 to develop cancer and eye disease therapies


A new international industry-academia research consortium to accelerate the development of therapeutic interventions for cancer and eye disease, through enhanced intersectoral and transnational co-operation, has been announced.

The Drug Discovery and Delivery Network for Oncology and Eye Therapeutics (3D-NEONET) consortium, led by University College Dublin, has been awarded €945,000, over four years.

The consortium is bringing together a unique group of microbiologists, cancer biologists, chemists, material scientists, mechanical engineers, ocular pharmacologists, geneticists and toxicologists from nine academic and nine non-academic partner organisations in seven countries.

Minister Mitchell O’Connor launches Seroba’s third life sciences fund

life science

€100m in funding has been announced on a new life science’s fund to capitalise on significant investment opportunities in Irish and European life sciences sector.

The new Seroba fund will have a similar investment strategy to its predecessor, dedicated to product-focused, innovative, early and mid-stage life sciences companies in Ireland, the UK and other European markets that offer a potential significant return on investment.

A limited number of investments may also be made in the US as well as in US companies wishing to establish a presence in Ireland in order to leverage the Irish life sciences ecosystem.