A US multinational is to invest €29m at its plant in west Cork and create 70 jobs.
Merck, which is known as MSD outside the US, laid off 160 people last year but is planning two new projects at Brinny, near Innishannon, with the support of the IDA
The company operates out of the former Schering-Plough plant develops and manufactures drugs which are used in the treatment of cancer, hepatitis C, Crohn's disease and rheumatoid arthritis.
In September of last year, the plant's 520 workers were called to a meeting and 160 redundancies were announced.
Since then, management at the facility have been actively bidding for new business within the company and it is understood that a drop in the cost of doing business in Ireland contributed to the approval of the two new projects.
MSD employs 2,300 people in Ireland, in Carlow, Dublin, Tipperary, Wicklow and Cork.