GlaxoSmithKline (GSK) is to collaborate with University College Cork on research into gastro-intestinal diseases.
The international drug group will part-fund the €13.7 million project at the Alimentary Pharmabiotic Centre (APC) at UCC.
IDA Ireland and Science Foundation Ireland (SFI) are also supporting the project, which will create 50 jobs.
Researchers from GSK's Neurology and GI Centre of Excellence for Drug Discovery will work closely with the APC to identify new drug targets for the treatment of inflammatory bowel disease and irritable bowel syndrome.
Speaking at the launch in UCC, Minister for Enterprise, Trade and Employment Micheál Martin said Ireland was creating a unique interconnected R&D landscape that encouraged collaboration between all participants in research.
"This project represents a major breakthrough in the promotion of drug discovery research, which is a key target for IDA Ireland and SFI, and builds on the Government's strategy to actively promote industrial-academic collaborations. Today's announcement clearly demonstrates how the Irish system, working together, wins strategic and significant R&D projects against world-class international competition," Mr Martin said.
GSK employs more than 1,600 people at four sites in Cork, Waterford and Dublin. GSK's existing manufacturing operation in Currabinny, Co Cork, which employs more than 500 people, will be closely involved in the project.
Jackie Hunter, head of GSK's neurology division, said the firm was committed to developing new medicines for the treatment of gastro-intestinal diseases.
Prof Fergus Shanahan, director of the APC, said the project would showcase Ireland as a centre for drug discovery and translational medicine.
"The quality of the research, the significant contribution of both parties intellectually, financially and at a strategic level marks a step-change in the quality and depth of research which will be undertaken by this company in Ireland," he said.
Cork Chamber chief executive Conor Healy said the decision to base the project in Cork represented "a huge level of confidence" in the capability and skills of the UCC team.
