The Government has pledged to spend €10 million to help relocate staff at the European Medicines Agency if they decide to move from London to Dublin.
Ireland’s application to host the EMA when Britain leaves the EU, which was officially submitted on Monday, also contains a commitment to contribute €78m towards the agency’s rent and maintenance in Ireland.
A number of other EU cities have also applied to host the agency, which regulates the approval of new drugs throughout the European Union and is currently located in Canary Wharf, London where it employs 890 staff.
If the bid is successful it is estimated to be worth €180m per year to the Irish economy.
Being close to the EMA was a common reason given by many big non-EU pharma companies for basing themselves in London and it’s felt a lot of them will follow the agency to its new host country.
Three buildings have been picked out which the EMA can choose its preferred option for a new headquarters.
Two of them are in Dublin’s docklands and one is at the Dublin Airport Central business park.
Relocation experts will be contracted to help staff and their families, with €10m set aside for assistance with housing, schools, and identifying jobs for spouses.
23 cities have made bids to host the London-based EU agencies.
In a statement released this week the European Council said 19 cities have bid to host the European Medicines Agency, while eight have bid for the European Banking Authority.
The European Commission will assess the candidate cities by September but the decision rests with EU leaders who will try to reach a consensus deal at their next summit in October before Ministers then hold a vote in November.