Novartis in Ringaskiddy is to be acquired by global development and manufacturing firm Sterling Pharma Solutions.
The transaction is expected to be formally closed by both parties in the last quarter of this year.
As part of the agreement Sterling will produce medicines in Ireland for Novartis which they say is a continuation of the site's transformation journey to support a more sustainable future
In a statement Novartis says the agreement with Sterling will secure the continued manufacturing of medicines and significant expertise in Ringaskiddy.
They say the agreement means it will secure the continued manufacture of medicine in Ringaskiddy - where the plant has been manufacturing medicines for the last 27 years - as well as supporting the sustainability of jobs
Novartis Ireland currently employs about 1,500 people across three locations in Cork and Dublin, while there are 400 people working in manufacturing at the Ringaskiddy plant.
