Dublin joins queue to prise EMA away from London after Brexit

DUBLIN, Oct (HKSE: 3366-OL.HK - news) 25 (Reuters) - Ireland (Other OTC: IRLD - news) 's government on Tuesday put forward Dublin as the latest potential new home of the European Medicines Agency (EMA) should the organisation uproot from London after Britain's vote to leave the European Union.

Ireland's economy is considered to have more to lose from Brexit than any other in the EU because of its close trade ties, but it could also benefit from the relocation of companies and agencies such as the EMA or European Banking Authority (EBA).

Cities around Europe, including Spain, France, Sweden, Poland, Italy and Austria, are racing to entice one or other organisation in the knowledge that banks and drugmakers will want to maintain close ties with key regulators.

"Following the UK's decision to leave the EU, it appears inevitable that the European Medicines Agency will have to be relocated to another EU Member State," Ireland's Health Minister Simon Harris said in a statement.

"The Irish Government believes that Dublin would be a very suitable location and that a move to the Irish capital would minimise the disruption to the business of the EMA."

Harris (Stuttgart: HRS.SG - news) said that in addition to neighbouring Dublin's advantage in terms of staff retention, it also offered a fellow English-speaking location, the working language of the EMA and pharmaceutical industry.

Ireland's low tax and business-friendly environment has also made it a favoured destination of multinationals, and nine of the world's top 10 pharmaceutical companies have operations in the country.

Britain is a significant hub for life science companies, helped by the presence in London of the EMA, making it a prized target not only for jobs but also for its potential to act as a draw for one of Europe's most important industries.

Ireland will develop a detailed proposal by early 2017, Harris said.

(Reporting by Padraic Halpin; Editing by David Goodman)