Pharmaceutical group Eli Lilly is to invest up to €400 million at its plant in Kinsale, Co Cork, and create up to 200 jobs over five years.
Minister for Enterprise, Trade and Employment Micheál Martin announced the IDA-supported investment this morning.
The new biopharma facility will produce drugs to treat illnesses including caner, diabetes and Alzheimer's disease.
Eli Lilly opened its Kinsale plant 25 years ago and employs more than 400 people.
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It manufactures the active ingredients for a number of pharmaceutical products, including drugs to treat schizophrenia and osteoporosis.