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€150m bio expansion

THE REPRESENTATIVE group of the pharmaceutical and chemical industry has welcomed the €150m expansion of Genzyme's biotechnology campus in Waterford.

IBEC group PharmaChemical Ireland said that it was a signal that Ireland once again is becoming a favoured location for foreign investment.

PharmaChemical Ireland director Matt Moran said: "The sector accounts for over 50pc of the total Irish exports and employs over 50,000. Eight of the top 10 pharmaceuticals companies in the world have major operations in Ireland, benefiting from a favourable tax regime, a highly-skilled workforce, strong compliance record and easy access to European markets."