Noonan pushes $300m Regeneron/Dell deal
Finance Minister Michael Noonan will meet top executives of the US biopharma giant that is set to invest €220m in Limerick when he visits New York this week.
Regeneron Pharmaceuticals, which is valued at €21bn on the Nasdaq, will invest €220m and create 300 hi-tech jobs in Limerick by 2016 when it takes over the former Dell site there.
Mr Noonan will make a courtesy visit to Regeneron's headquarters in Tarrytown, which is in the state of New York, this week.
Regeneron's investment will be a major boost to the mid-west, which was left reeling in January 2009 when Dell announced that it would be cutting 1,900 manufacturing jobs at its Limerick plant that year and moving its production to Poland.
Regeneron expects to employ scientists, engineers, technicians and administrative staff in its new plant.
"This is Regeneron's first major expansion outside the United Sates and is strategically important to our company," said Daniel Van Plew, Regeneron's senior vice-president and general manager of industrial operations and product supply.
"Our proposed $300m (€220m) investment programme, which includes the major refurbishment of existing buildings, vacant since 2009, and the construction of a quality-control laboratory, will transform the site into a world-class biopharmaceutical campus."
The company applied for planning permission for the Limerick plant just before Christmas and expects to find out if its application has been successful by mid-February.
Regeneron develops and manufacturers medicines for the treatment of serious medical conditions, including cancer, eye diseases, asthma and eczema. In its latest financial results, it reported revenues of €1.1bn for the first nine months of 2013.
"The Regeneron investment in Limerick is great news for Limerick and the local economy," said Mr Noonan. "I look forward to meeting Regeneron executives when I travel to New York and discussing their plans for Limerick."
Last week, a number of international pharma companies announced that they too would be creating new jobs in Ireland.
On Friday, the US pharmaceutical company BioMarin, which invested $50m (€37m) to create 100 jobs at Ringaskiddy in Co Cork, announced that it is to hire another 40 people.
Last Thursday, the global pharma company Aspen Pharma said it would create 42 new jobs in Dublin. The new jobs will bring Aspen's total workforce in Ireland to 100 within the next year.
Another US pharma giant, Pfizer, announced a €100m investment in Ireland last summer. Pfizer is investing about €74m in its site at Grange Caste in west Dublin and €22m in its Ringaskiddy site in Cork.