Alkermes in $398 Million Secondary Offering

March 13, 2012

Cleary Gottlieb represented Alkermes in a registered secondary offering of Alkermes ordinary shares pursuant to a shelf registration statement on Form S-1.

The selling shareholder, a subsidiary of Elan Corporation, was disposing of a portion of the 25% interest in Alkermes it acquired in 2011 as a result of a business combination between Alkermes and the drug technologies unit of Elan Corporation. Cleary Gottlieb also acted as counsel to Alkermes in connection with the business combination.

The deal priced on March 8 and closed on March 13. The offering price to the public was $16.50 per share. The offering consisted of 24,150,000 ordinary shares, including the exercise of the underwriters’ option to purchase an additional 3,150,000 ordinary shares. Following completion of the offering, the selling shareholder’s ownership of Alkermes’s outstanding ordinary shares decreased from 25% to 6%. The ordinary shares are listed on the NASDAQ Global Select Market under the symbol “ALKS”. Alkermes did not sell any shares or receive any proceeds from the offering.

Alkermes is a global biopharmaceutical company incorporated in Ireland.