Boston Scientific Corp. (NYSE:BSX) plans to spend $37 million on overseas research and development, this time at its R&D facility in Clonmel, Ireland.
The Natick, Mass.-based company hopes to jump-start development of a next generation cardiac rhythm management system.
The funding is partially supported by a grant from IDA Ireland, a quasi-public investment promotion agency, which also provided incentive for New York-based chemotherapy device maker Delcath Systems Inc.’s (NSDQ:DCTH) decision to plant its European headquarters in Galway, Ireland.
Osteoporosis therapy company Osteologix Holdings plc (PINK:OLGXF) moved its entire corporate headquarters to Ireland after exiting the U.S. stock market on promises made late last year, but IDA Ireland doesn’t appear to have provided any incentive in that case.
“I have repeatedly stated that if we are to create the jobs and growth we so badly need, we must relentlessly promote an innovation agenda,” Irish Minister for jobs, enterprise and innovation Richard Bruton said in prepared remarks. ” R&D investments by leading multinationals like Boston Scientific not only create high-value jobs, but also provide substantial spin-off benefits for Irish businesses, researchers and ultimately the economy.”
Boston Scientific, which ranked 10th on the MassDevice Big 100 list of the world’s largest medical device companies, landed in Ireland in 1994 and is now one of the country’s largest employers, according to the release.
The company continues to expand its global footprint with plans to invest $150 million in commercial expansion in China in hopes of seeing a $500 million return by 2017.