Pharmaceutical firm Pfizer has confirmed it is to proceed with the development of a new biological facility in Ringaskiddy, Co Cork that will result in the creation of approximately 100 jobs.
The project, which was unveiled last year, will see the pharmaceutical giant invest €190 million as part of an overall €353 million expansion at its Cork site.
Pfizer employs roughly 2,300 people in Ireland at sites in Cork and Dublin.
The new plant will manufacture biologics to be used in the treatment of cancer and diabetes. In a statement this morning, the company said the new facility will become a "centre of excellence" for "process development and production" and will start operating in 2009.
Nat Ricciardi, of Pfizer Global Manufacturing, said the area of biotherapeutics was becoming increasingly important for the company. Biotherapeutics are molecule medicines based on proteins, peptides and antibodies.
He said the new Cork facility was an important part of Pfizer's biologics strategy.
"Our aim is to gain access to the best science inside and outside our walls, and the new Shanbally facility will ensure that we can produce the product for clinical trials which could ultimately impact the lives of millions of patients."
The new plant will make small quantities of products in development for phase 2 and 3 clinical trials. The new jobs are described as "high quality" positions and will be filled over the next three years.
He said Pfizer had a strong biotherapeutics pipeline with 86 projects in discovery and 26 in preclinical/clinical development, spanning over eight therapeutic areas.
Minister for Enterprise Trade and Employment Micheál Martin said the development was strategically important as it was the first time Pfizer has placed its biopharmaceutical production and process development outside the US.
Mr Martin said Pfizer had made a significant contribution to the country's life sciences industry since it established operations in Ireland in the 1970s.
"The decision to place such a sophisticated and technologically advanced operation here is a significant endorsement of Ireland's wealth of talent and expertise," the Minister said.
The development is being supported by IDA Ireland and construction of the plant is expected to require 500 people.
