Up to 150 jobs are to be created in Sligo by Phibro, an animal health company headquartered in New Jersey in the US.
Phibro Animal Health Corporation manufactures a broad line of animal health and nutrition products for customers globally.
The initial focus in its new Sligo operation will be on the production of vaccines for the treatment of a range of poultry diseases.
In the future, the company expects to expand production to include vaccines for livestock and aquaculture at its Sligo plant.
Phibro's plant in the IDA's Finisklin Business Park will be its first biologicals manufacturing location in Europe and the company says this will allow it to expand Phibro's presence in Europe.
Supported by IDA Ireland, Phibro is planning to create up to 150 jobs over five years and will be recruiting for managerial, quality analysis and engineering roles among others.
The company's Chairman, President and CEO, Jack Bendheim said "the creation of Phibro Ireland marks an important milestone in our development as a leading global player in the animal health biological market".
Fine Gael's Tony McLoughlin said the investment by Phibro further strengthens Ireland's Life and Sciences capability in the north west and will offer even more opportunities for local residents and communities to grow and thrive.
Phibro will be located in the premises vacated by Elanco, a subsidiary of Eli Lilly.
Elanco had produced a range of veterinary medicines in Sligo but closed with the loss of 100 jobs early last year, leaving a facility with world class specialist plant.