Eli Lilly and Company has announced plans to invest over €400 million in a new manufacturing facility in Limerick.

The investment project is subject to planning approval and the company will submit a planning application with Limerick City and County Council in the coming weeks.

The new facility will expand Lilly's manufacturing network for biologic active ingredients, support increased demand for existing Lilly products and play a key role in bringing Lilly's robust clinical pipeline, including its promising Alzheimer's portfolio, to patients around the world.

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The proposed project is expected to create more than 300 new jobs for highly skilled workers such as engineers, scientists and operations personnel, who will use the latest biologics manufacturing technology to produce life-changing treatments that patients need to address health challenges. In addition, an estimated 500 additional positions will be required while the facility is under construction.

Tánaiste and Minister for Enterprise Trade & Employment Leo Varadkar TD said: "This is fantastic news for Limerick and indeed the entire region. The Mid-West has become a real hub for leading biopharma companies such as Lilly and I’m really pleased that the company has chosen Limerick for its new manufacturing centre, investing over €400m and creating 300 new, permanent jobs and a further 500 jobs during construction. Lilly produces crucial healthcare products which are making a huge difference to the lives of patients around the world fighting some of the world's most serious illnesses. This new manufacturing centre is a significant expansion of that work and I wish the entire team the very best with the project."