UCB Schwarz Pharma today announced it was planning an investment of €7 million into research and development at its plant in Co Clare.
The company, which employs 215 people in Shannon, is redeveloping a manufacturing plant on its site to make a new drug it has developed.
The investment will also include a major upgrade in facilities and infrastructure.
The Minister for Enterprise, Trade and Employment, Micheal Martin said the investment is "precisely the sort of activity that will secure Ireland's prosperity into the future".