Pfizer’s campus in Andover is expanding with the completion of a new 175,000-square-foot facility for developing and manufacturing complex biologics and vaccines.

The $200 million Andover Clinical Manufacturing Facility at 1 Burtt Road contains five independent manufacturing suites for more than 50 products in development. Areas of research based in Andover will include oncology, rare diseases, infectious diseases, hemophilia and rheumatoid arthritis.

The town of Andover approved a five-year tax increment financing agreement worth $2.9 million in exchange for Pfizer’s expansion and creation of 75 jobs in 2016. Pfizer has approximately 2,000 Massachusetts employees, including 1,250 based at the seven-building Andover campus.

Gov. Charlie Baker and Pfizer executives took part in a ribbon-cutting ceremony Friday at the property.

“By bringing together colleagues who play a critical role in every step of the process – from discovery through development and manufacture – we can help speed the availability of medicines to patients,” Mike McDermott, Pfizer’s president of global supply, said in a statement.