A New York-based biopharmaceutical company is to apply for planning permission to establish a production plant in Limerick, which if approved would lead to the creation of 300 high-skilled jobs within three years.
The facility planned by Regeneron Pharmaceuticals would be built at a 12 hectare site, previously owned by computer maker Dell, at the Raheen Business Park in the city.
Regeneron is one of the largest and fastest growing biopharmaceutical companies in the US, which develops medicines for a range of illnesses, including eye diseases and colorectal cancer.
For four years, the IDA has been working to attract it to invest here.
The company is to seek planning permission for a $ 300m investment the Limerick city site, which has been vacant since 2009.
The project, if approved, would see the conversion of existing buildings into a European manufacturing facility for the company and the construction of a quality control laboratory.
600 temporary construction jobs would be created during the two-year build, and a further 300 permanent positions for scientists, engineers and technicians by the end of 2016.
The company says factors attracting it to Ireland include the educated workforce and the strong biopharma sector.
The announcement has been welcomed by the Minister for Jobs, Enterprise and Innovation, whose department is supporting the investment through the IDA.