The Genzyme Coporation is on target to begin production of Renegal tablets in Waterford for the treatment of kidney problems by the end of the year.
Genzyme is developing a new biotechnology facility in Waterford, and the company's investment is expected to be around €250 million.
So far only 50 people have been recruited, but it is expected that when it is operating at full capacity, it will employ 480 people.
Genzyme Coporation is a Massachusetts-based company and one of the largest independent pharmaceutical-biotechnical companies in the world.
The original announcement that the company would be locating in the Southeast was made in May 2001, but it was unclear when production would begin.
Speaking at the Foundation Stone Ceremony in Waterford this morning, Mr Brian Conroy, regional manager for the south-east region IDA, said the company had been attracted to the area by the available of real-estate, a highly skilled workforce, and possibilities of expanding in the region.