Genzyme to invest €60m in Waterford

Biotech multinational Genzyme is investing over €60 million in extending its manufacturing facility in the Republic.

The company yesterday released figures for 2005 showing that revenues for the year grew 24 per cent to $2.2 billion (€2.3 billion). Profits grew rapidly to $441.5 million in 2005 from $86.5 million the previous year. Earnings per share (EPS) were $1.65, compared with 37 US cent in 2004.

Genzyme employs over 270 people at a facility in Waterford and has commenced a building programme that will involve a further €61 million investment in extending the plant.

To date it has spent €200 million on developing the facility. The new extension will be used in the manufacture of its existing products, including Renagel, which is used for treating patients on dialysis. The drug is prescribed for over 350,000 people worldwide. It will also be needed for two new products, Thymoglobulin, which is used to treat kidney transplant patients, and Myozyme, an enzyme replacement therapy.

The EU's regulator, the European Agency for the Evaluation of Medicinal Products (EMEA) recently approved Myozyme. Genzyme expects to launch this on the market late in the first half of this year, chairman and chief executive, Henri A Termeer, said yesterday.

Genzyme announced last year that it was planning to hire 120 people in Waterford. A spokesman said that it has taken on about 20 of these workers, and is seeking to recruit a further 100.