Tánaiste announces Boston Scientific Cork E 21.7 million RD&I investment

09 July, 2009

To develop next generation neurovascular products at the forefront of minimally invasive procedures

Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan TD today (Thursday 9th July 2009) announced that Boston Scientific Corporation (BSC), which specialises in medical devices for use in minimally invasive procedures, is to invest €21.7 million in a Research, Development and Innovation (RD&I) initiative at its site in Cork, with the support of the Government through IDA Ireland. The investment reflects the enhanced capability of the Cork site for the development of next generation products to treat neurovascular diseases of the brain – including coils, intracranial stent delivery systems and access devices - and the research laboratory infrastructure to facilitate their path to commercialisation.

This investment is closely aligned to BSC’s corporate strategy of building a robust pipeline of RD&I projects across all of its businesses designed to maintain and extend its current market leadership positions, and drive profitable, sustainable growth. In 2009, BSC expects that more than a third of its revenue will come from new product introductions.

An Tánaiste, welcoming the initiative, said “Boston Scientific employs 5,000 people in Ireland. This investment by BSC, a renowned global corporation and a reference life science company in Ireland, is an enormous boost of confidence in the talent at its Cork site. It further endorses Ireland’s capability to support next generation research, development and innovation at the vanguard of minimally invasive products. BSC has contributed very significantly to the Cork local economy since its establishment in 1998. This latest initiative will further enhance the site’s reputation within the parent corporation.”

Mark Paul, President of Boston Scientific’s Neurovascular business, said “The performance and success of our Cork site gave us the confidence that this is the correct setting and timing for this strategic investment. The Irish Government’s foresight to create centres of excellence is a cogent strategy that is attractive to industry. The commitment to RD&I, through the involvement of both the Government and IDA Ireland, has resulted in a growing international reputation for success in the development of new leading-edge products. The investment we are announcing today will continue to strengthen our Company globally. We appreciate the support of IDA for this initiative.”

ENDS/ETE2081