Friday, February 14 13:01:56
US-based bio-pharma giant, Regeneron, is on the cusp of a major deal that will see it build a huge manufacturing plant in Limerick with hundreds of new jobs.
A development study says Regeneron's $300 million conversion of a former Dell computer plant will add about 300 jobs to the area economy once the facility is up and running.
That's in addition to the 300 employees the New York-based drugmaker said it will hire and the 800 construction workers that will be employed to get the 400,000-square-foot facility ready.
The plant will roll out in two phases with about 185 employees needed by 2015 and the full 300 in 2016, the Limerick Leader reported.
This will be the second manufacturing facility for the maker of the hot eye drug Eylea, which already has a facility in the US that it is in the process of expanding.
Not only will Regeneron add production in Europe, but it will pick up the tax benefits of having manufacturing and intellectual assets here.
"The foundation of this operating model will be the establishment of a new manufacturing facility in Ireland and the migration of certain intellectual property ... to Ireland," CFO Robert Landry said during the company's earnings statement earlier this week.