Pfizer invests $300 mln in Irish biotech facility

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Pfizer Inc, the world's biggest drugmaker, is to invest 190 million euros ($297 million) establishing a new biotech plant in Ireland for the production of experimental medicines, it said on Friday.

It is the first time that Pfizer has placed such internal biopharmaceutical clinical development outside the United States.

The facility at Shanbally in County Cork will be located on a site adjacent to Pfizer's existing operation in Ringaskiddy and will be completed by the end of 2009.

Nat Ricciardi of Pfizer Global Manufacturing said the investment reflected the U.S. group's determination to become a leader in biotech medicine, which is a growing focus for many drug companies worldwide.

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