Alkermes joins exodus to Cambridge suburbs

Alkermes is the latest company to join the exodus of drugmakers from Massachusetts biotech center in the Boston-Cambridge area to the cheaper suburbs. After months of planning, the company today announced that it will indeed be leaving its 142,000 square-foot Cambridge headquarters for a new 180,000 facility in Waltham. Although the lease on the Cambridge building does not expire until 2012, the Boston Business Journal reports that Alkermes has reached a deal that will allow the drugmaker to sublease it 142,000 square-foot Cambridge facility to Vertex Pharmaceuticals.

The Waltham building was completed last may, the Boston Business Journal reports, but Alkermes says 100,000 square-feet of its facility has yet to be built and is expected to be completed later this year. The company estimates that the relocation, which will happen early next year, will save the company $8 million annually. The BBJ is also reporting that this move will include more job cuts [1], but it's unclear whether the expected savings includes personnel cutbacks.

"By taking advantage of the current real estate market conditions, we are able to improve our business operations by moving to a central location in a brand new facility. This relocation to Waltham offers economic advantages by providing a lower cost of doing business and increasing our flexibility to invest in our proprietary product pipeline," stated Jim Frates, chief financial officer of Alkermes. "We look forward to being part of Waltham's business community."

- check out the release [2]
- read the BBJ article [3]

Related Articles:
Alkermes readies mid-stage trial in research shift [4]
Cambridge biotechs head for the (cheaper) 'burbs [5]
Developer plots sprawling biotech complex near Boston [6]
Massachusetts - Top Five Regions Targeting Biotech, 2008 [7]
Alkermes cuts staff after Lilly axes pact [1]