BioMarin Pharmaceutical has agreed a deal with Pfizer to buy its manufacturing facility in Shanbally in Cork for $48.5m.
Pfizer says it will close the Shanbally facility by September with the loss of 65 jobs.
However, California based BioMarin said it plans to create over 100 high-quality jobs within the next five years - which would mean a net gain of 35.
The company is buying the bulk biologics manufacturing plant for $48.5m.
In May 2010, Pfizer said it would cease operations at Shanbally but would seek to find a buyer for the plant.
BioMarin focuses on the treatment of rare diseases and has several new products in late state development. This is the first time the company has placed internal biopharmaceutical production activities outside the US.
IDA Ireland's chief executive Barry O'Leary said the deal is the next phase in BioMarin's expansion into Ireland's Life Sciences industry, following the establishment of an international supply chain and logistics presence in Dublin earlier this year.
'The decision to acquire the Shanbally plant is a significant endorsement of Ireland's wealth of talent and expertise,' he added.
BioMarin said the plant in Shanbally will greatly expand its manufacturing capacity to accommodate its growing commercial portfolio and advancing clinical programmes.
In May of last year, Pfizer announced that it was exiting its plants at Dún Laoghaire in Co Dublin, Shanbally and Loughbeg in Ringaskiddy in Co Cork.
It said it would put these plants up for sale with a view to saving the maximum number of jobs of the 550 people employed there.
Since then the plant in Dún Laoghaire has been sold to Amgen, securing the 260 jobs at that site, and the Shanbally plant has been sold to BioMarin.
Pfizer is continuing to offer the Loughbeg plant for sale and the company said it is committed to achieving a positive outcome there also.
Pfizer also announced in May 2010 that it was reducing its 1,000-strong workforce at Newbridge in Co Kildare by 275.
The company employs more than 4,000 people in this country.