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Unnamed Multinational Drug Firm May Invest Up To €1bn In Waterford

The IDA is in talks with a major international pharmaceutical firm

The Irish Times reported this morning that the IDA is in talks with a major international pharmaceutical about making an investment of between €500 million and €1 billion in Waterford.

The talks are understood to be at an advanced stage with the multibillion dollar-valued multinational in a move which would create hundreds of jobs in the southeast.

Waterford has established itself as a suitable base for pharmaceutical manufacturing following the success of Genzyme, which employs 500 people in the area. In February last year the company, which is owned by Sanofi, said it planned to invest €44 million there to allow it begin making its insulin drug, Lantus, by 2016.

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.

The IDA declined to discuss the matter and issued a 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-leveling works during the summer/autumn of 2014″

Read the full article on Irish Times 

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