With a financial boost from economic development agencies in Ireland, generics maker Mylan ($MYL) says it will expand manufacturing operations, as well as research and development, investing up to $500 million over the next half decade.
The company says it will add 500 jobs by 2016 to manufacturing and R&D for its respiratory, injectables and oral solids operations. A projected 220 of the new jobs will be added at Mylan's Bioniche Pharma in Galway. The other 230 jobs are slated for Gerard Laboratories, its oral dose manufacturing facility in north Dublin, the company said.
Mylan acquired the injectables manufacturer Bioniche in 2010 for $550 million in cash. Although it is based in Ireland, it primarily sells in the U.S. market.
The level of the incentives were not disclosed. Support is being provided by both Ireland's Industrial Development Agency and Údarás Na Gaeltachta, a regional economic development agency that provides incentives for business as part of its charge to maintain the Irish language. Right now, Mylan employs about 700 people in Ireland, so the new jobs will almost double its workforce there. It is the largest generics pharmaceutical manufacturer in Ireland, according to the Irish Times.