Six hundred jobs are being created in Dublin over the next five years.
Genomics Medicine Ireland is creating the positions following a €350m investment.
Ireland Strategic Investment Fund along with other leading global investors have announced details of the investment programme, aimed at making Ireland an important hub for genomics research.
The funding will allow GMI to undertake one of the largest genome sequencing programmes, with one in 10 people in Ireland taking part.
Taoiseach Leo Varadkar, who was at the announcement, said: “GMI is a real Irish life sciences success story. In just three years since their founding they have proven their capacity to deliver and to grow and, in partnership with the State’s Strategic Investment Fund, are now poised for a further exciting period of expansion.
"GMI’s success is a reflection on the wider success of Ireland as a location for the life sciences industry for more than 50 years. Twenty-four of the world’s largest pharma and biotech companies are located here, creating valuable employment and contributing to our economic success.
"As a country, we have continuously worked to attract and retain investment from the life sciences sector and we are now positioning for the next wave of knowledge-driven innovation being led by the genomics industry and the economic benefits that will bring.”
Rob Brainin, CEO of WuXi NextCODE, said: “We are very excited by the singular potential of the Irish whole-genome sequencing programme, which aims to enrol and read the genome of some 400 thousand people, or 10% of the population.
"As a company that seeks to improve lives through genomics worldwide, I believe that this will be a unique platform for developing new medicine and better healthcare, to the benefit first of patients in Ireland but also people around the globe.
"Our experience in powering national genome efforts on three continents positions us well to accelerate the outstanding success of GMI to date. Leveraging that leadership, GMI will become the lynchpin of genomic sequencing and discovery for WuXi NextCODE in Europe, and the core of a significant hub in life sciences as a spawning ground for new globally oriented enterprises based in Ireland.”