Takeda Pharmaceutical Company is to create up to 70 new jobs and invest €25m in the construction of a new regenerative medicine facility at its site in Grange Castle in Dublin.
The investment will expand the company's existing facility in Grange Castle, with the construction of a new modular cell therapy facility which will manufacture a new stem cell therapy.
The company said the investment will also create 70 temporary construction jobs.
The facility will be in commercial operation by 2021 and is supported by the Government through IDA Ireland.
Takeda first invested in Ireland over 20 years ago and the company is Japan's largest pharmaceutical company. It has an Irish workforce of 400.
Paul Keogh, plant director at Grange Castle, said the company's additional investment in Ireland demonstrates the confidence and commitment Takeda has in its Irish operation.
"To be chosen as the first site to introduce this new technology platform to our manufacturing network is very exciting. The nature of this product and its process will bring us closer to the patient than ever before which is a responsibility that we take very seriously," Mr Keogh said.
"We have a great team here in Ireland and are committed to continuing to put patients first through the timely manufacture and supply of high quality products from our site," he added.
The new roles being created are in the areas of quality, manufacturing and engineering.
IDA Ireland chief executive Martin Shanahan said that Ireland is a globally recognised centre of excellence in life sciences due to the country's strong regulatory track record and talent availability.
"Today's investment by Takeda demonstrates their continued commitment to Ireland," he added.