Pharma giant commits to Ireland with €50m plant
US firm headquartered in Dublin after 2011 inversion
Published 03/08/2016 | 02:30
Biopharmaceutical giant Jazz Pharmaceuticals has unveiled its new €50m facility in Ireland.
The new site is the first plant to be built by the company in Ireland and has been under construction since 2014.
It is expected that the company will employ up to 50 people at the 17-acre site in Co Roscommon over the next three years.
Jazz Pharmaceuticals is currently headquartered in Dublin and employs around 100 people here.
The company has a current market capitalisation of $9.1bn (€8bn) and global revenues of $1.3bn. The company employs 850 staff worldwide and has been headquartered in Ireland since a 2011 inversion saw the firm merge with Azur Pharma in a $500m (€452) deal.
The plant was opened by Jobs Minister Mary Mitchell O'Connor yesterday. "Having a global pharmaceutical company of this calibre establish such a facility in Co Roscommon is hugely significant, demonstrating serious commitment by the company to the region," the minister said.
"The jobs created when the facility is operating at full capacity will be of great benefit to the local area and economy."
Jazz chairman and chief executive officer Bruce Cozadd said: "We were encouraged to come to Roscommon because of the excellent track record of this community in supporting the pharmaceutical industry and the pool of local talent available."
The project was undertaken with the support of the IDA and Roscommon Country Council.
The new plant will see Jazz further grow its global operations, with the company having secured a takeover of Alizé Pharma as well as the $1.5bn (€1.3bn) deal for Celator Pharmacueticals agreed in May.
Mr Coddard added: "This new manufacturing and development facility is an investment in Ireland and also an investment in our growing global infrastructure, which will enable us to more closely oversee and control the process of bringing high quality products to patients.
"It is particularly meaningful for us to open it in Ireland, close to our global corporate headquarters in Dublin."
Last week it was announced that Jazz Pharmaceuticals had entered into a $181m deal with Pfenex, a manufacturer of cancer drugs.
Pfenex will receive an upfront payment of $15m, with the possibility of another $161m in additional payments from Jazz based on the achievement of additional development goals.
The firm's share price has been steady on Wall Street over the course of this year and was trading down slightly yesterday at $150 per share.
Analysts predict third-quarter revenues in the company will range between $350m and $400m.