WALTHAM (CBS) — Local biopharmaceutical company Alkermes of Waltham is buying Elan Drug Technologies, a drug formulation company headquartered in Dublin, Ireland. The deal is valued at about $960 million in cash and stock.

Alkermes Chief Financial Officer Jim Frates says no job cuts are expected here as the companies plan to grow their current portfolio of products. He says the two operations in Waltham and Dublin as well as a plant in Ohio will complement one another.

Together, the companies already have about 25 drug products on world markets including products for alcohol and opioid dependence, schizophrenia, bipolar disorder, diabetes and chronic diseases.

Frates says with this purchase, the newly combined Alkermes will become immediately profitable.

WBZ NewsRadio 1030′s Anthony Silva talks with Alkermes’ Jim Frates