The Irish Life Sciences sector has shown extremely strong growth in recent years with major investments from several large multinational companies such as MSD, BioMarin, WuXi Biologics, ILC Dover, DePuy and Pfizer, and the sector recording €39 billion in annual exports of pharma, bio and medical device products. With such a vibrant sector, Ireland’s prowess as a life sciences hub is a story in itself, and the future is bright when you consider the number of exciting announcements in recent months.
AbbVie to buy Irish-headquartered Allergan in $63bn deal
On June 27th US drug maker AbbVie agreed to buy Allergan, the Irish-domiciled maker of Botox, in a $63 billion (€55.3 billion) deal that is the sector’s latest blockbuster transaction driven by the need to replenish drug pipelines. AbbVie employs 600 in the Republic, while Allergan employs 1,700.
Boston Scientific Galway expands into new facility
On June 24th Boston Scientific Galway officially opened a new facility at its Ballybrit site. The expansion faciitates increased capacity to support global product demand and includes an industry-leading Equipment Technology Centre. The new facility is at the site of the former Digital building and the company is investing €60M is this phase of development, with over 250 people expected to be based in the new facility by the end of 2019. Boston Scientific Galway has a workforce of over 3,700 people covering all aspects of product design & manufacturing exporting more than four million lifesaving medical devices each year.
Cognizant to Acquire Zenith Technologies
On June 18th Cognizant announced it had agreed to acquire Zenith Technologies, a privately held life sciences manufacturing technology services company headquartered in Cork. Zenith Technologies specializes in implementing digital technologies to manage, control and optimize drug and medical device production for maximum operational efficiency and regulatory compliance. The acquisition extends Cognizant’s capabilities for designing, implementing and managing end-to-end operational and information technology systems for connected biopharmaceutical and medical device manufacturers.
Stryker to invest over €200m in Research, Development and Innovation projects
On June 13th Stryker announced that it is to invest over €200m in Research, Development and Innovation (RD&I) projects at three of its five Cork facilities as it continues its vigorous innovation journey to deliver next generation products and services across its Medical Surgical, Orthopaedics and Neurotechnology and Spine offerings.
Pfizer Ringaskiddy celebrates 50 years in Ireland
In May Pfizer celebrated the company’s 50th anniversary in Ireland. Ringaskiddy was the first location of Pfizer in Ireland and has since expanded to six sites across the country including Little Island, Newbridge, Grange Castle, Ringsend and City West. From an initial investment of €10 million in 1969, Pfizer's total investment in Ireland now stands at €8 billion.