Biotechnology company Amgen is to buy Pfizer's manufacturing plant at Dun Laoghaire, Co Dublin, securing 280 jobs.
An Amgen statement said it was expected that 240 workers would transfer to Amgen under the deal, with around 40 staying with Pfizer.
Amgen is to manufacture Pfizer's products at Dun Laoghaire for 'an interim period', while Pfizer will lease part of the plant from Amgen. Amgen said it planned to develop the plant for its own products and would expand its manufacturing capabilities over time.
Amgen currently employs around 25 people in north Dublin.
Pfizer announced last year that it would try to sell three of its Irish plants, and it has been working with IDA Ireland to find buyers.
'We continue to actively engage in exploring opportunities to divest our Loughbeg and Shanbally plants in Cork and remain focused on delivering successful outcomes,' said Pfizer's Dr Paul Duffy.
'As we expand internationally, the Dublin site will help us deliver a growing supply of Amgen medicines for patients worldwide,' said Madhu Balachandran, the senior vice president of Amgen Manufacturing.