Unnamed Drug Firm May Invest Up To €1 Billion In Ireland, Hundreds Of New Jobs Expected
Unnamed International Pharma May Invest Up To €1 Billion In Ireland, Hundreds Of New Jobs Expected
August 22, 2014
By Jessica Wilson, BioSpace.com Breaking News Staff
Waterford in Southeast Ireland, long famous for its eponymous crystal, is set to become a major force in pharmaceutical manufacturing in the Republic of Ireland. As reported by the Irish Times, IDA Ireland (Industrial Development Agency), the agency responsible for attracting foreign investment to the Republic of Ireland, has been in talks with a multi-national pharmaceutical company for investment in the area of between €500 million to €1 billion.
The Irish Times has reported that, “The new investment in Waterford is by an as yet unnamed multinational which does not have a presence in the southeast. The name of the pharmaceutical company is being closely guarded but the existence of the project is indicated in a tender document issued by Waterford City and County Council.”
While the IDA has not commented on the specifics of the deal, they have issued the following statement: “IDA Ireland markets sites and properties throughout Ireland to potential inward investors. Among these properties is a 21.76 hectare site at Knockhouse, Old Kilmeaden Road, Waterford. In order to enhance the attributes of this site to potential inward investors, IDA has asked Waterford City and County Council to carry out site-levelling [sic] works during the summer/autumn of 2014.” The request for site leveling indicates that the deal could be close to completion.
Currently, Waterford, which is the main city of Ireland’s Southeast Region, hosts several multi-nationals, including: GlaxoSmithKline , Bausch & Lomb, Genzyme Corporation , Hasbro, Teva Pharmaceutical and Honeywell International. Genzyme, however, has played the key role in marking Waterford as a prime location, and a viable alternative to Cork, for pharmaceutical and biopharmaceutical investment.
The 2008 recession in Ireland hit Waterford hard, with several multi-nationals closing their doors in the area, most notably the historic Waterford Crystal, which moved operations to continental Europe. Unemployment shot up in Waterford, but the situation began to turn around when in 2013 Genzyme, which is owned by Sanofi, declared its intention to invest €44 million in Waterford to allow the company to begin making its insulin drug, Lantus, by 2016. At present, Genzyme, which established itself in the area in 2001, employs 500 people in Waterford and has a turnover of more than €1 billion annually in Ireland.
The Irish Times stated that the amount of investment under discussion is a minimum of €500 million but could extend to €1 billion over five years. By adding both construction and manufacturing jobs, the deal, if struck, would be one of the biggest investments in Waterford in many years.