US drug company Aerie Pharmaceuticals has signed a lease agreement with the IDA for a new factory in Athlone that will establish a manufacturing base in Ireland.
Aerie Pharmaceuticals said that it expects to invest $25m (€23.6m) in the new plant.
It initially revealed its intention last September to invest in Ireland.
The California firm is involved in the discovery, development and commercialisation of therapies for the treatment of glaucoma and other eye diseases.
The new Irish plant is expected to serve international and US markets for the $1.3bn (€1.23bn) company.
Aerie moved its intellectual property to Ireland in early 2015.
The Athlone facility will be its first manufacturing plant.
It will eventually be used to manufacture Aerie’s drug candidates, Rhopressa and Roclatan, if they are cleared for use by regulators.
The IDA has provided both employment and capital investment incentives to Aerie.
Project construction and equipment costs are expected to total $25m (€23.6m), of which approximately $16m is expected to be incurred by Aerie this year.