GENZYME — the US biotechnology company that has invested more than €300 million (€227m) in its Irish operations in Co Waterford since establishing an Irish base in 2001 — has reported a 21% rise in group revenue, to $4.6 billion (€3.5bn) for 2008.

A PHARMACEUTICALS multinational, which is developing a new €150 million plant in Waterford city, said yesterday its project is well on track and it could not have picked a more suitable location for the development.