IQ Pharmatek has taken over the old Suir Pharma site in Clonmel.
The new owners say they are planning to reopen the facility next month with up to 100 jobs generated this year and another 100 next year.
In a statement, the company says it will continue the business of contract manufacturing for third parties for export to other European countries, North America and the Far East.
It also says they plan to expand the facility to include an injectables manufacturing line within a few years.
IQ Pharmatek was established last year and its headquarters is in Loughrea, Co Galway.