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Mylan Inc. (MYL) Pledges $500 Million for Ireland Expansion; to Add 500 New Jobs


4/18/2012 6:54:46 AM

DUBLIN and PITTSBURGH, April 18, 2012 /PRNewswire/ -- Irish Prime Minister Enda Kenny, Mylan Inc. (Nasdaq: MYL) and the Irish Development Authority (IDA) today announced an important investment initiative to expand Mylan's operations in Dublin and Galway. Through Mylan's annual investment of up to 76 million euro ($100 million) over the next five years, including funding for expanded research and development (R&D) capabilities, and support from the Irish government through IDA, Mylan will add more than 500 new positions to its Ireland-based workforce by 2016. Mylan currently is the largest generics pharmaceutical manufacturer in Ireland and one of the world's leading pharmaceutical companies. The IDA is the Irish agency responsible for attracting foreign direct investment to the country.

Prime Minister Kenny said: "Mylan's decision to expand in both Dublin and Galway is most welcome news. Mylan is a key member of the Irish pharmaceutical sector and one of the top suppliers in the country, providing the market with high quality generic pharmaceuticals and over-the-counter medicines. Today's announcement, in addition to the company's proven, 25-year track record as a top employer and reliable exporter in Ireland, demonstrates Mylan's commitment to its Irish operations and recognition for the capabilities of its talented workforce. I would like to offer continued support of the Irish government, and IDA Ireland, to Mylan as it continues to grow in our country and as it further serves as an innovative contributor to the Irish economy.''

Mylan CEO Heather Bresch said: ''This investment in Mylan's Irish operations and the growth of our capabilities in the country demonstrate our continued commitment to and confidence in our respiratory franchise and injectables platform, both of which are among Mylan's many long-term growth drivers. Ireland also has proven to be a valuable location for Mylan, providing the company with access to a skilled and highly educated workforce that shares our strong work ethic and commitment to excellence. I would like to thank Prime Minister Kenny, Richard Bruton, Ireland's minister for Jobs, Enterprise and Innovation, along with IDA Ireland, for all of their support. Importantly, I'd also like to recognize Mylan's employees in Ireland for their hard work and dedication to our continued success.''

Minister for Jobs, Enterprise and Innovation Richard Bruton said: "The life sciences industry is a key part of this government's strategy for jobs and growth. Employing approximately 50,000 people here directly, the sector is a major strength in Ireland, but we must build on this. Today's announcement that Mylan, already a very important part of this sector, is expanding with the creation of over 500 jobs is a massive boost for the country. Through continued implementation of the Action Plan for Jobs, I am determined to ensure that we can see more announcements like this around the country over the coming years."

Mylan currently employs about 700 people at its facilities in Ireland. The planned expansion of Mylan's operations in Ireland involves R&D and manufacturing capabilities within the company's respiratory, injectables and oral solids franchises.

IDA Ireland CEO Barry O'Leary said: "The expansion of Mylan's operations in Ireland is an extremely positive development for Ireland's life sciences sector. These projects meet with key objectives of IDA Ireland's strategy Horizon 2020 to create high quality life sciences jobs. I wish Mylan every success with this operation and on behalf of IDA Ireland look forward to continuing to work closely and support the company in the future.''

Of the 500 Mylan jobs to be added by 2016, about 220 will be based in Galway with the remainder in Dublin.

In addition to the financial incentives provided by the IDA, Udaras Na Gaeltachta, a regional economic development agency that provides specialized support for Irish-speaking communities, assisted with the support of these expansion efforts.

Mylan's operations in Ireland include Gerard Laboratories and Bioniche Pharma. The global company ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in approximately 150 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates one of the world's largest active pharmaceutical ingredient manufacturers; and runs a specialty business focused on respiratory, allergy and psychiatric therapies. For more information about Mylan, please visit www.mylan.com.

SOURCE Mylan Inc.




   

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