The Chanelle Pharmaceutical company is to create 175 jobs in Loughrea in Co Galway.
The company said that increased demand for its products has lead to a €70m expansion plan.
Chanelle manufactures human and veterinary products that are sold in over 80 countries around the world.
The company was founded in 1985 and currently employs 375 people here and in the UK, Jordan and India.
It said the last five years have seen rapid expansion on the international market, leading to today's announcement.
Chanelle will double production capacity in Loughrea over the next five years. The investment in an expanded research and development facility will lead to the launch of 75 new products.
Construction of the new plant in Loughrea will begin in March.
The company's founder and managing director Michael Burke said that the Chanelle Group will be expanding into new markets including the US, Central and South America.
Mr Burke said he expects revenues to increase by 65% over the next five years.
