Pfizer has cancelled a planned €400 million expansion of its plant at Grange Castle in Clondalkin, Dublin.

The company, which manufactures medicines in Ireland for global distribution, sought planning permission earlier this year for a major extension to the plant.

In a statement, the company said it had sought planning permission to prepare for potential development which was contingent upon the successful clinical development of a cholesterol-reducing drug called bococizumab.

Grange Castle is one of Pfizer's leading biotechnology sites manufacturing a broad portfolio of biologic medicines and vaccines.

Following a decision to discontinue the development of bococizumab, the expansion at Grange Castle will not now go ahead.

Pfizer employs 3,300 people who work in manufacturing, shared services, scientific research and development and commercial operations across seven sites in Cork, Kildare, Dublin, Sligo.