GlaxoSmithKline is to create 150 jobs and invest up to €250m in its production site in Co Cork.
The multi-national pharmaceutical company plans to manufacture a new drug for the treatment of breast cancer at the plant.
It follows a number of recent, high-profile setbacks on the jobs front.
The giant pharmaceutical company, which already employs 1,600 people in Ireland, is to invest in a new drug, Tykerb, for the treatment of breast cancer.
The plant at Currabinny, with the support of the IDA, has been successful in its bid to produce the drug.
Tykerb is the first, once-daily tablet for women with breast cancer.
When combined with other drugs, Tykerb has been found to be effective for women whose cancer has recurred, despite previous treatment.
Breast cancer is the most frequently diagnosed cancer in women; there are over 1m new cases worldwide every year.
Breast cancer rates are also high in Ireland where one woman in every 11 will develop the disease during their lifetime.
The new jobs will further enhance GSK's relationship with Ireland, bringing to 750 the number employed at the Currabinny plant, and 1,750 nationally.
