Chinese company announces 325 million euro investment in Ireland

A Chinese pharmaceutical company will invest 325 million euros ($393 million) in building a drug factory in Dundalk, Ireland, the firm announced on Monday.

The investment by WuXi Biologics will create 400 highly skilled jobs during the next five years.

Leo Varadkar, the prime minister of Ireland, said: “This is the start of something special. We will see the ‘factory of the future’, right here in Dundalk. It’s the first sizable greenfield project from China in the pharma sector and I am delighted to see it located here in Dundalk. It’s also the latest in a number of investments in this town, which has become a hub for a range of sectors, mainly in the new knowledge-based and pharmaceutical sectors.”

Li Ge, chairman of WuXi Biologics, said: “We have been engaging IDA (Industrial Development Authority) and Ireland Strategic Investment Fund for several years before finalizing today’s exciting investment in this community.”

The deal is the company’s second major partnership in Ireland, following on from WuXi NextCODE’s work with Genomics Medicine Ireland.

Li said: “These ventures showcase how competitive Ireland is for global enterprise and investment, and we are grateful for all the support local agencies and the talented people here have provided us.”

Heather Humphreys, minister for business, enterprise and innovation, welcomed the announcement, saying: “This huge 325-million-euro investment is a great vote of confidence in Ireland and reinforces our image as a global center of excellence in biologics. This development is a further example of the success of our commitment under the Regional Action Plans for Jobs to provide quality jobs in regional locations.”

Chen Zhisheng, chief executive of WuXi Biologics, said it had been exciting initiating the company’s first global site to expedite biologics development in Europe.

“This is the start and a critical part of our global biomanufacturing network to ensure that biologics are manufactured to the highest quality and with a robust supply chain to benefit patients worldwide,” Chen said.

He noted that the company is committed to Ireland and will work with all local partners to build the next generation biomanufacturing facility as a showcase to the global biotech community.