Jobs under threat as Pfizer halts production of experimental drug

JOBS at Pfizer’s newest manufacturing plant in Ireland could be lost after the decision by the world’s largest pharmaceutical company to halt production of its most important experimental drug.

Pfizer, which operates six manufacturing facilities in Cork and Dublin, has cut off all clinical trials and development of Torcetrapib, a cholesterol treatment drug that was expected to become its biggest earner.

A special plant to manufacture Torcetrapib was opened by Enterprise Minister Micheál Martin in Cork last year at a cost of $90 million. It was not grant-aided by the Industrial Development Authority (IDA) and Pfizer bore the total cost of the facility. The company is expected to make an announcement later today regarding its future but the IDA hopes to persuade Pfizer to find an alternative use for the facility.