Pharmaceutical giant Elan today reported a 17% revenue increase resulting in a net loss from continuing operations of $31.8m (€24.08m) in its first-quarter 2012 financial results.

MERGER costs relating to its takeover of Elan’s former drug delivery unit, EDT, has resulted in biopharmaceutical group, Alkermes posting a net loss of $22.3 million (€16.2m) for the second quarter of its current financial year.

ALKERMES Plc says it will manufacture drugs in Athlone for “one of the world’s top 10 pharmaceutical companies” in a deal that may generate from $15 million to $20m (€11m-€15m) in annual revenue by 2016.

Athlone-based pharmaceutical company Elan is selling its Westmeath unit to US biotechnology firm Alkermes.