It will take over a General Motors Co. plant in Flint, Mich., and transform it into a facility offering 4,000 jobs, says a private pharmaceutical firm.

The Detroit Free Press reported on Tuesday that diplomat Specialty Pharmacy of Swartz Creek, Mich., 10 miles west of Flint, said it would take over the former Fisher Body plant with $75 million in state tax credits and worker training funds.

Phil Hagerman, company president and co-founder, said, "We're going to put every job we can in Genesee County, Mich. While that sounds like a pie-in-the-sky number, we were able to convince the state that it's really not a leap and it's very doable."

It was further reported that the plan is to hire 1,000 workers by 2015 and 4,000 by 2028.

According to the newspaper, the company said that its sales were growing 50 percent per year. It specializes in expensive medicine used to treat long-term conditions and various cancers.

The company bought 360,000 square feet of the Great Lakes Technology Center in March.

Formerly owned by GM, the space was once the work site for thousands of GM engineers, although that number had fallen to 400 by the time GM declared bankruptcy last summer. (With Inputs from Agencies)