Multinational Boston Scientific Corporation has acquired Galway-based stent technology company, Labcoat, which the medical devices industry has described as “yet another vote of confidence in Ireland as a location for medical technology development”.
Labcoat, which has around 30 staff, has developed a novel technology for coating drug-eluting stents that uses precisely metered droplets of a biodegradable polymer and drug formulation to create a thin coating confined to the outer surface of a coronary stent.
This proprietary technology is designed to significantly reduce the amount of polymer and drug to which the vessel wall is exposed, while minimising polymer and drug on the inner surface of the stent, where cell growth is required for healing.
“Boston Scientific has enjoyed an ongoing, productive relationship with Labcoat, and we look forward to building on our shared commitment to developing new drug-eluting stent technologies that improve patient outcomes,” said Jim Tobin, president and chief executive officer of Boston Scientific.
“This technology represents a major advance for drug-eluting stents, and should help us maintain our strong position in this market.”
Commenting on the deal, director of the Irish Medical Devices Association, Sharon Higgins, said it testified to the ability of indigenous companies to successfully develop technologies attractive to successful global companies.
“We have a growing number of specialist indigenous design, engineering, manufacturing and packaging companies of international repute. The success of these companies will help Ireland to meet the challenges of the global economy and not only keep pace with, but surpass our international competitors.”
By Sorcha Corcoran