The plans have been described as important for the southwest and the whole of Ireland and a ‘game-changer’ for Tralee.

The announcement, in Tokyo this morning, by the president and CEO of Astellas Pharma Inc, Naoki Okamura, said the Tralee facility will build capabilities to supply the Astellas global market and accelerate the development of innovative medicines.

This investment by Astellas in Ireland will expand its capacity and capabilities for aseptic drug products, reinforce stable production for global supply and accelerate the development and commercialization of innovative antibody drugs and other new products, the company said.

Astellas operates in more than 70 countries. It already employs more than 400 people in its long-standing manufacturing plants in Killorglin, Co Kerry, Mulhuddart in Dublin and its marketing and sales in City West.

A leader in the areas of Transplantation and urology, it has a strong presence in oncology drugs in the areas of prostate cancer, leukaemia and other cancers. It is also focused on developing new drugs for unmet medical needs.

The new facility, which it is hoped will begin construction in 2024 will be based on the Industrial Development Authority’s greenfield site in Kerry Technology Park, Tralee alongside the MTU’s northern campus and will take much of the park.

It will result in bringing specialized engineering, science and technology roles to the region, the IDA said.

“Astellas is developing innovative drugs and technologies based on our Focus Area research and development approach, placing patients at the forefront of everything we do. With the new facility, Astellas will aim to strengthen our in-house production capacity and capabilities and ensure a stable supply of high-quality Astellas medicines to patients around the world,' Hideki Shima, Chief Manufacturing Officer at Astellas said.

Michael Lohan, CEO at IDA said the announcement was excellent news for the South West region ‘and indeed Ireland’.

‘Astellas already has a presence in both Kerry and Dublin and this significant investment of approximately €330 million, adding a new state-of-the-art aseptic drug product facility, underscores the strategic importance Ireland plays in Astellas’ global operations, Mr Lohan said.

‘The new facility in Tralee will be built with sustainability at its core and will showcase Ireland and our regional attractiveness as a location for investment,’ he said.

Mayor of Kerry Jim Finucane (FG) said the announcement was ‘ a game changer for Tralee. ‘ 'It is the most significant thing that has happened in decades,’ Mr Finucane said.

The plans are for a 3-story building, a total floor area of 17,000 square metres and a building footprint of approximately 7,300 square metres The building will be in line with the highest national and international best practice in energy and environmental design, the statement said The project aims to cut water use by about half, reduce operational energy intensity by more than one-third and produce zero waste to landfill.

Subject to planning permission, construction will commence in 2024, with the site expected to be operational by 2028.

Estimates locally are for upwards of 100 high end jobs.