A joint venture involving two German medicine companies will create 43 new jobs at Ringaskiddy, Co Cork, it has been announced.

The IDA Ireland backed joint venture, valued at £10.5 million, involves a herbal extraction operation at the St John's Wort plant in the town. The new company being set up is called Elisa.

The two companies are Dr Willmar Schwabe and Lichter Pharma. The herbal extraction will produce an ingredient for use in a medicine that treats depression.

The output from Ringaskiddy will be exported to parent companies in Germany where it will be finished and packaged.