Biopharmaceutical company Gilead Sciences is to invest €60 million in a new factory in Dublin.
The development will involve the relocation of the company from its existing facility in Sandyford to Grange Castle Business Park in Clondalkin in west Dublin.
The move to the larger facilities will see the creation of up to eighty new jobs.
The company has outgrown its current site which has reached its maximum capacity and is no longer able to reach the company's growth targets and output requirements.
Gilead develops and produces treatments for infections such as HIV and hepatitis B and C as well as pulmonary hypertension. Its Irish operation manufactures HIV medication at reduced costs to countries in the developing world.
Julie O'Neill, Gilead general manager in Ireland, said "Gilead has been extremely pleased with operations in Ireland, based on a strong skills base and pro-business environment."
The project should be completed by late 2008, pending planning permission.
The Minister for Enterprise, Trade and Employment Micheal Martin, welcomed the investment. "Gilead is recognised as one of the leading biotechnology companies in the world and its intention to develop a world-class biopharmaceutical facility is very welcome news for Dublin."