Recordati of Italy to establish a new pharmaceuticals facility in Cork.

Investment of over €28 million in R&D, manufacturing and support functions.

Tánaiste and Minister for Enterprise, Trade & Employment, Mary Harney announced today (Tuesday 28^th January 2003) that Recordati S.p.A., a European pharmaceutical group based in Milan, Italy, is investing over €28 million to establish an R&D centre, a pharmaceuticals manufacturing facility and an international marketing operation in Ringaskiddy, Co. Cork, with the support of IDA Ireland. "This is an excellent example of the type of investment IDA is seeking to attract here as it combines R&D, manufacturing and support functions in a quality, high value operation. Recordati will create over 60 new jobs at full production, over 50 of these being filled within three years. The investment is part of the company's strategy to grow internationally," said the Tánaiste.

Recordati manufactures pharmaceuticals which are used in therapeutic areas which include cardiovascular, central nervous systems, anti-infective, respiratory, analgesia, gastrointestinal and gyne/urology.

The Tánaiste continued, "This investment continues Ireland's success in attracting pharmaceuticals/healthcare companies which operate at the leading-edge of these sectors, both in terms of products and future developments. It also underlines Ireland's ability to continue the exceptionally strong growth experienced by these sectors in 2002 which resulted in employment in IDA-supported pharmaceuticals/healthcare companies growing by almost 4% on the previous year, despite the difficult global economic environment."

Recordati has purchased an available existing facility in Ringaskiddy, which it is to modify and up-grade. The R&D centre will develop chemical processes for new drug candidates during their clinical test stage. The manufacturing facility will provide additional production capacity for the active ingredient of Recordati's drug ZANIDIP® (lercanidipine), used for the treatment of hypertension. ZANIDIP® was launched in 1997 and is now available in over 40 countries. The international marketing operation will include the licensing-out and management of Recordati's proprietary drugs' marketing rights.

Recordati is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 00030744447) dedicated to the research, development, manufacturing and marketing of pharmaceuticals and pharmaceutical chemicals. With headquarters in Milan, Italy, it has operating subsidiaries in France, Portugal, Spain, Switzerland and the United States. It employs 2,100 people worldwide. Recordati has had an average sales growth of 30% for the last three years, and expects 2002 consolidated sales to be approximately €490 million and earnings before interest and tax to be around €89 million, a growth of about 37% over 2001. The company has six manufacturing plants, three in Italy, two in France and one in Spain.