US pharma giant Eli Lilly has announced plans for a €35 million investment in its Kinsale plant.

The company says it will establish a new high-tech manufacturing facility at the Cork facility, using what it said was “pioneering technology that has the potential to transform how medicines are made in the future”.

Company chief executive John Lechleiter said it would apply "continuous manufacturing technology" to help develop and commercialise a number of product sin the company's late stage pipeline.

The new operation, which is expected to be fully operational by early next year, will see the Kinsale becoming Eli Lilly’s worldwide centre of excellence for continuous manufacturing for active pharmaceutical ingredients.

Noting that Lilly celebrates 140 years in business next month, Dr Lechleiter said: “Since our Kinsale site was established 35 years ago, it has contributed significantly to the success of our company and has developed a strong reputation for delivery.

“This investment follows a major biotech investment programme at Kinsale over the past eight years, which so far has resulted in an investment of €650 million and the recruitment of 350 additional employees at the site”.

Welcoming the announcement, IDA Ireland chief executive Martin Shanahan, said pharmaceutical companies like Lilly continue to choose Ireland for a number of reasons, including our "world-class pharma infrastructure and skilled workforce".

“This investment demonstrates Lilly’s enduring commitment to Ireland,” he said.

Minister for Jobs, Enterprise and Innovation Richard Bruton said pharma was a key sector "which we have targeted as part of our jobs plan, and winning investments from major world-leading companies like Lilly brings enormous benefits to Ireland".