A US pharmaceutical company is planning to build a new production plant in Limerick which will create 300 highly skilled jobs over the next three years.
Regeneron Pharmaceuticals is seeking planning permission to locate on a 12-hectare site, previously owned by PC giant Dell, in the Raheen Business Park.
The project, which is supported by the Department of Jobs through IDA Ireland, would represent a major jobs boost for the Mid-West region.
New-York based Regeneron is one of the fastest growing biopharmaceutical companies in the US, and develops medicines for a range of illnesses including eye diseases and colorectal cancer.
The IDA has been working to attract its business here for four years.
The company is seeking planning to build its $300 million (€270 million) facility on the site, which has been vacant since 2009.
The project would involve a major refurbishment of existing buildings on the site as well as the construction of a quality control laboratory, which would transform the site into a biopharmaceutical campus.
The construction and refurbishment is anticipated to begin in 2014 for a two-year period, subject to planning, and will generate up to 600 temporary construction jobs.
When up and running, the company expects to employ up to 300 people by the end of 2016, including scientists, engineers, technicians and administrative personnel.
The company said the main factors attracting it to locate in Ireland was the highly educated workforce and the strong biopharma industry already located here.
Welcoming the announcement, Minister for Jobs, Enterprise and Innovation Richard Bruton said: "Sustaining and building on Ireland's strong track record in pharmaceuticals is a key objective of our action plan for jobs."
“In recent years despite global difficulties employment in the sector in Ireland has been growing,” he said.
Minister for Finance, Michael Noonan said:"The Regeneron investment in Limerick is great news for Limerick and for the local economy."
“The company is making a major commitment to Ireland by refurbishing an unoccupied facility in Raheen Business Park, creating a substantial number of both construction and long-term permanent jobs,” he added.
IDA Ireland's Barry O'Leary said: "Regeneron's decision to locate this strategically important investment here is a clear endorsement of Ireland's recognised strengths in the pharma and BioPharma field."
Chairman of Shannon Group Rose Hynes said: “This is a huge boost for Limerick, for the wider region and sends a very strong message that this is an attractive location for foreign direct investment.”
Regeneron's senior vice president Daniel Van Plew said: "Regeneron is one of the largest and fastest-growing biopharmaceutical companies in the United States, ".
"Pending planning approval, Limerick will become our second industrial production site, expanding our manufacturing capacity into Europe and facilitating the delivery of a growing supply of medicines for patients worldwide."
