Latest News From Pharmachem
04 June, 2015
Finance Minister Michael Noonan could have €2.5bn to spend in pre-election budget giveaways because the economy is growing so rapidly, analysts say. The predictions come as the Department of Finance released another set of buoyant exchequer figures. These showed that the Government collected overall tax revenues of over €17.28bn in the first five months to the end of May, up 10.9% in the year. Vat receipts rose by 9.5% to €5.7bn, income tax receipts increased by 6.7% to over €7.03bn, while excise taxes rose to over €2bn, a 4.5% rise in the year. The Department of Finance said in its Spring Economic Statement in April that it could have room to spend €1.2bn in an expansionary budget package that was evenly split between tax cuts and spending increases. However, analysts say that the Coalition could now secure a budget bounty of €2.5bn. “We are opening up scope because of momentum in the economy. Tax-rich elements such as cars and houses are doing relatively well, so consumer demand should deliver a budget largesse over the year,” said Austin Hughes, chief economist at KBC Bank Ireland. “I’d be very much surprised if the budget leeway wasn’t well above €2bn and the link between taxes and GDP points to as much as €2.5bn,” Mr Hughes said. Alan McQuaid, chief economist at Merrion Capital, predicted that the Coalition would present a budget in October that offered a package well over the €1.2bn in tax cuts and spending increases projected by the Department of Finance. “My worry is that there are signs on public spending that we are going back to the bad old days. The opinion polls may dictate how big the budget spending package will be. I do not think we have learned from past mistakes,” he said. Alan Ahearne, professor and head of economics at NUI Galway, said the growth in tax receipts appears to give the Government scope for a budget package of over €1.5bn, but it will nonetheless be constrained by the EU’s strict budget rules. “They have a choice to get the deficit down faster or have a looser budget, but whatever they do they have to agree it with the Commission. The Commission will have as much a say on the windfall the Government will have and on how much should be squirreled away to lower the deficit,” Prof Ahearne said. Analysts say economic data in recent weeks show that the economy is expanding rapidly. The latest Quarterly National Household Survey from the CSO showed employment grew by 2.2% in the first three months of the year. The CSO’s latest unemployment bulletin yesterday recorded a jobless rate of 9.8% in May, down from 11.7% from the corresponding month last year and well below the peak of 15.1% recorded in early 2012. New data earlier this week also showed that manufacturing output in May grew at its fastest rate in three months, marking two straight years of uninterrupted growth. Retail sales figures for April showed sales grew at their fastest rate for more than 14 years, though some commentators remain concerned debt-ridden consumers may still hold back.
Irish based Shire said to be considering a $18bn takeover of Actelion to boost rare diseases business
08 June, 2015
Shares in Actelion, Europe’s biggest biotech company, jumped 7 per cent to a record high on Monday after a report Shire was considering a $18 billion takeover
10 June, 2015
Malin, an Irish-based company set up by a number of former Elan executives to invest in privately held life science assets, has invested $35 million and committed to invest a further $10 million in Melinta Therapeutics. The announcement marks Malin’s first new asset following its stock exchange debut earlier this year and brings the number of operating assets within the group to eight. Melinta Therapeutics is a private company developing novel antibiotics to treat bacterial infections. Malin has joined founding investors, Vatera Healthcare Partners, and other existing investors in a Series 4 funding round of up to $67 million.
11 June, 2015
The run of positive indicators for the economy has continued, with official figures published yesterday showing another large increase in output from Irish factories in April. The CSO said that production rose in the month by 1.7% from March and was 9.7% higher from April 2014. That 9.7% annual increase was lower than the huge increases of over 27% and almost 37% posted in March and February, but nonetheless showed that manufacturing output was expanding at a fair clip, analysts said.
12 June, 2015
Bayer is to sell its diabetes devices unit to Panasonic Healthcare , a joint venture backed by buyout firm KKR, for about €1 billion. The unit makes blood-glucose monitoring systems and other devices used by some of the 350 million people who live with diabetes, Leverkusen, Germany-based Bayer and Tokyo-based Panasonic Healthcare said in a statement on Wednesday.
15 June, 2015
A surge in pharma exports saw the value of Ireland’s export trade climb an all-time high in April. Provisional figures from the Central Satistics Office (CSO) show seasonally adjusted exports for April rose by €989 million (12 per cent) to €9.3 billion. This represented the highest monthly figure in the history of the series and underscores the strength of Ireland’s current economic recovery.
16 June, 2015
Johnson & Johnson which trades as Vistakon Ireland in Limerick is to invest €100m in expanding its facility in the National Technology Park, Plassey Limerick.
18 June, 2015
Galway-based medical-device company Neuravi is to start a multi-million euro clinical trial on a stroke treatment device later this year after raising €19m in capital.
23 June, 2015
Euro zone private businesses expanded at their fastest pace in four years this month, a survey showed today, providing the clearest signs yet of a solid recovery in the region.
24 June, 2015
Radisens Diagnostics, based at CIT’s Rubicon Centre, landed the grant from the commission’s Horizon 2020 Research and Innovation initiative to help develop a blood testing device that will provide instant diagnosis for chronic diseases.
26 June, 2015
Recruiters are seeking to persuade skilled Irish emigrants in Australia, New Zealand and Canada to return home to pursue job opportunities in the recovering construction sector.
29 June, 2015
AbbVie is to expand its medical device manufacturing facility in Sligo, creating 50 highly-skilled jobs over the next four years.
30 June, 2015
The prospect of tax cuts and public spending increases in the next Budget and the announcement of public sector pay rises have buoyed sentiment among householders.