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Dublin: 30.09.2014 12.56PM
Global healthcare giant Sanofi says it will invest €44m to expand on the manufacture of its insulin products at the Genzyme biotech plant in Waterford where some 500 people are employed.
Subject to regulatory approvals, commercial production of Lantus, the No 1 insulin brand at Waterford, should commence in 2016.
The IDA-supported investment comes on the heels of a major €150m investment announced last year.
“Today’s announcement that Sanofi, a world-leading company in this sector, is investing a further €44m is a major vote of confidence in its Waterford site which employs over 500 people and in the south-east region more generally,” Ireland’s Jobs Minister Richard Bruton, TD, said.
“This investment, which comes on top of a €150m investment little more than a year ago, will ensure that this facility can produce the company’s latest product and provides an indication of the Waterford site’s strategic value.”
Genzyme Waterford will continue to produce Genzyme products for patients living with rare genetic diseases, kidney disease and cholesterol management requirements.
Shipped to more than 70 countries, these products include Myozyme, Lumizyme, Cerezyme, Thymoglobulin, Cholestagel, Renvela and Renagel.
IDA Ireland chief executive Barry O’Leary described the €44m investment as the type of value-adding development and manufacturing investment that the agency is focused on winning for Ireland at an international level.
“Competition for projects such as this is intense and securing this additional investment in the site’s capability and capacity is a testament to the Genzyme team at Waterford. At a macro level, the Sanofi decision represents a very positive result for Waterford and Ireland, fitting with the IDA Ireland focus on the life sciences as a key growth area,” O’Leary said.