Edgar Filing: ALKERMES INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Ehrich Elliot

2. Issuer Name and Ticker or Trading Symbol
ALKERMES INC [ALKS]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
SVP, R&D & Chief Medical Ofcr

(Last)

(First)

(Middle)

88 SIDNEY STREET

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2008

(Street)

CAMBRIDGE, MA 02139

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-Qualified Stock Option (right to buy)

$ 12.16

03/31/2008

D⁽¹⁾

43,000

12/10/2004

12/10/2013

Common Stock

43,000

$ 0

0 ⁽¹⁾

Non-Qualified Stock Option (right to buy)

$ 12.16

03/31/2008

A⁽²⁾

43,000

⁽³⁾

12/10/2013

Common Stock

43,000

$ 0

43,000

Non-Qualified Stock Option (right to buy)

$ 12.16

03/31/2008

D⁽¹⁾

1,500

12/10/2004

12/10/2013

Common Stock

1,500

$ 0

0 ⁽¹⁾

Non-Qualified Stock Option (right to buy)

$ 12.16

03/31/2008

A⁽²⁾

1,500

⁽³⁾

12/10/2013

Common Stock

1,500

$ 0

1,500

Non-Qualified Stock Option (right to buy)

$ 12.3

03/31/2008

D⁽¹⁾

22,500

07/12/2005

07/12/2014

Common Stock

22,500

$ 0

0 ⁽¹⁾

Non-Qualified Stock Option (right to buy)

$ 12.3

03/31/2008

A⁽²⁾

22,500

⁽³⁾

07/12/2014

Common Stock

22,500

$ 0

22,500

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Ehrich Elliot 88 SIDNEY STREET CAMBRIDGE, MA 02139			SVP, R&D & Chief Medical Ofcr

Signatures

Jennifer Baptiste, Attorney-in-Fact for Elliot Ehrich		04/02/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Cancellation of non-qualified stock option by mutual agreement of Alkermes and the reporting person. As consideration for the cancellation, the reporting person was granted a new stock option under the Company's Amended and Restated 1999 Stock Option Plan with the same terms, including exercise price, vesting and number of shares, as the cancelled stock option.
(2)	Re-grant of non-qualified stock option under the Amended and Restated 1999 Stock Option Plan as consideration for the cancellation of the non-qualified stock option. Re-granted non-qualified option has the same terms as the cancelled option, including exercise price, vesting and number of shares.
(3)	Stock option vests in its entirety upon date of grant.

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