Pharmaceutical company Pfizer, which employs 2,300 people in Ireland, has announced a €190m investment in the construction of a new plant at Ringaskiddy in Co Cork.

The plant will develop new types of medicines called biologics, which can be used in the treatment of cancer and diabetes.

It is the first time Pfizer has located such a plant outside of the US.

Pfizer is the world's biggest pharmaceutical company and an important employer in Ireland. It has been here since 1972 and its Irish workforce is more than 2,300 people.

Pfizer is to invest €190m, with the support of IDA Ireland, in the construction of a new plant at Ringaskiddy in Co Cork which will be operational at the end of next year.

More than 100 jobs will be created at the plant, while another 500 people will be employed at the peak of construction.

The plant will produce small-scale quantities of new drugs called biologics that are being developed by Pfizer for the treatment of cancer, diabetes and other illnesses.

Biologics are medicines developed from proteins and antibodies and Pfizer aims that they will account for at least one fifth of the company's sales over the next decade.

'We chose Cork for this investment because of our very positive experiences in the region over many years and we are confident that its implementation will be seamless and that the innovative and highly skilled people we need will be there for us,' commented Nat Ricciardi, Pfizer Global Manufacturing.