Alkermes will relocate from Cambridge to Waltham
Drug maker Alkermes Inc. said it will relocate its corporate headquarters from Cambridge to Waltham, a move it expects to complete early next year.
In a press release, the company said it has signed a lease agreement and will build out a 100,000 square foot facility on Winter Street in Waltham.
Alkermes makes Risperdal Consta, a schizophrenia treatment, and Vivitrol. Vivitrol aims to reduce cravings for alcohol. A March story in the Globe noted that Vivitrol has been a disappointment, in part because many alcohol treatment programs resist prescribing drugs. (To read that story, please click here.)
In its press release, Alkermes noted that it expects the relocation to Waltham to result in annual cash savings in fiscal year 2011 and beyond of about $8 million.
Alkermes is the latest biotechnology company that plans to move operations out of Cambridge in search of cheaper space in the Boston suburbs. (To read a Globe story about that trend, please click here.)
Today's press release included a statement from Jim Frates, chief financial officer of Alkermes.
“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," Frates said. "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. We look forward to being part of Waltham’s business community.”
An Alkermes spokeswoman said that Alkermes has found a company that will sublease its Cambridge space following the move by Alkermes to Waltham. Alkermes is not identifying the company at the company's request, the spokeswoman said.
The signing of the Waltham lease by Alkermes was first reported on the website of the Boston Business Journal. According to the BBJ, Vertex Pharmaceuticals Inc. will sublease Alkermes' Cambridge office space.
(By Chris Reidy, Globe staff)