Pfizer to plow $200M into Irish biotech plant

Irish officials are full of glee because of Pfizer's ($PFE) plans to spend $200 million--or €145 million--on its Dublin-area manufacturing facility. The investment not only will expand the plant's production capacity, but will create up to 400 jobs while the construction is under way, Silicon Republic reports.

The Grange Castle facility makes two key Pfizer products: the Prevnar vaccine and Enbrel, a treatment for plaque psoriasis. Since it opened in 2005, it has grown to 1,100 employees. After the $200 million project, the site will have two new processing suites and expanded product-testing capabilities, the company said. Improving the facility is "a strategic initiative that will allow us to further align and strengthen our manufacturing and supply network," CFO Frank D'Amelio said in a statement.

No word yet on whether production of other drugs will be moved to the Grange Castle site. Pfizer has been consolidating manufacturing around the world as it continues to restructure and cut costs. It's in the process of shutting down 8 manufacturing sites and scaling back 6 other plants, cutting some 6,000 jobs in the process.

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