Pharmaceutical firm MSD has agreed to acquire Takeda's manufacturing facility in Dunboyne, Co Meath as a going concern.

MSD is to begin consultation with workers at the plant, however it said it hoped to retain all 200 employees as part of the transfer.

The $400m Dunboyne plant was initially announced by drug-maker Shire in 2016, and was still under construction when Shire was acquired by Japanese firm Takeda.

Following a review of its operations, Takeda announced that the production capacity Dunboyne offered was no longer required. In January it announced plans to find a buyer for the facility.

Today MSD said it would take on the site as a going concern.

MSD produces medicines for a range of conditions including diabetes, arthritis and HIV.

The Dunboyne site will be its sixth in Ireland, with the company boasting around 2,500 employees here.

IDA Ireland welcomed the announcement.

"This acquisition will allow MSD to further develop the site and secure the employment of Takeda's existing staff," said IDA Ireland CEO Martin Shanahan. "It is an excellent outcome."