Invest NI welcomes multi-million dollar licensing deal for Almac Group

Nov 26, 2013

Invest Northern Ireland’s Chief Executive Alastair Hamilton has congratulated Craigavon based Almac Group on securing a major licensing deal with US company Genomic Health.

The California based firm specialises in the development and delivery of cancer diagnostics tests and has paid an initial upfront fee of $9million to secure the rights to further develop and commercialise Almac’s breast cancer test. This unique test was developed by Almac’s Diagnostics Business Unit, based in Craigavon, to help predict which patients are likely to benefit from chemotherapy.

Alastair Hamilton said: “It is great to see one of our home grown companies continue to compete and win business on a global scale. Invest NI recognises the significant impact that Almac has made to the Life Sciences sector in Northern Ireland and to the wider economy given the number of high quality jobs that the company provides.

“Invest NI has worked closely with Almac for over 10 years to provide support for a number of its R&D projects. The company should be congratulated for its continued commitment to innovation, growth and export. It is an excellent example of how, despite our size, Northern Ireland possesses the knowledge, skills and drive to succeed globally.

“Today’s announcement of the company’s success in securing this valuable licence for its test to support Breast Cancer treatment demonstrates just how important R&D is to business. Through R&D companies can ensure they remain ahead of the competition and win new business as a result. We would continue to encourage businesses of all sizes to consider R&D as a central part of their business.”

Further significant financial payments are due to Almac on future milestones and royalties on global commercialisation of the test.

Invest NI’s research and development support is part funded by the European Regional Development Fund under the Sustainable Competitiveness Programme for Northern Ireland.

Share this Article

Sign up for News

 Enter Code

Latest Features

Northern Ireland: A world-leading location for study and research partnerships
Conal Doherty, Regional Manager for International Education
Oct 18, 2017
Cyber Security: How to protect your business
James Magee, ICT Advisor
Oct 17, 2017
Northern Ireland: Reasons to invest
Invest NI
Oct 02, 2017
Why CE marking is important
Martin McAteer
Sep 25, 2017
Focus on Great Britain market remains steadfast
Alison Gowdy, Director of Trade
Sep 20, 2017