LIMERICK is to receive a massive boost this lunchtime, with biomedical firm Regeneron set to confirm several hundred new jobs at its Raheen plant.
Both Taoiseach Micheál Martin and Tanaiste Leo Varadkar are in the city today for the massive announcement, which comes as Regeneron ramps up testing of its Covid-19 antibody.
“It’s a huge boost for the Mid-West at this time, especially in this post Covid-19 era and its a continued expansion for the company, It is related to vacccines the company is working on in relation to tackling coronavirus. This is why they are adding new lines here in Limerick,” a well-placed source told the Limerick Leader.
Based in the former Dell factory, the New York headquartered company has signed a $450m contract with the American government to produce thousands of doses of its Regen-Cov2 antibody cocktail.
It comes in spite of the fact the drug has yet to complete clinical trials.
However, if these trials confirm the effectiveness of it, it’s hoped hundreds of thousands of doses could be ready this autumn.
The Limerick Leader understands that Regeneron has cleared the decks at its facility in America to ramp up its testing on the antibody, and as a result some of the work staff Stateside were doing is being carried out here.
This is after the firm licensed production of these products in Raheen.
One of Limerick’s biggest employers, Regeneron already employs more than 1,000 people locally.
Minister Niall Collins TD welcomed the announcement - “This is very welcome news and a huge vote of confidence in Limerick and the Mid West region. We have worked hard to achieve this which is being announced today. Up to 400 new jobs will be a significant boost to the local economy. Regeneron has proven to be yet another foreign direct investment success story in Limerick along with so many others. We will continue to work to ensure that as many new jobs as possible can be created across every sector as well as supporting impacted business during Covid19.”