Boston Scientific announced this week that is has bought Galway biotech company Labcoat Ltd for an undisclosed sum.
Labcoat is a privately held company which develops drugs for stents, the tiny structures used to support damaged blood vessels.
The two companies have collaborated on projects in the past, including a recent clinical trial of Labcoat’s new drug paclitaxel, which was used in a polymer coating on Boston Scientific’s Liberte stent to prevent clogging on the tiny stents. The technology also aims to improve healing of the vessel wall and trials showed promising results nine months after implantation.
“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 week. “This technology represents a major advance for drug-eluting stents and should help us maintain our strong position in this market.”
The Irish Medical Devices Association welcomed the acquisition on Tuesday.
“Boston Scientific’s decision to acquire Labcoat is extremely positive and yet another vote of confidence in Ireland as a location for medical technology development,” said IMDA director Sharon Higgins. “The acquisition clearly testifies to the ability of Irish indigenous companies to successfully develop technologies that are attractive to successful global companies and to the value of the developing cluster for multinational organisations.
“Today’s announcement by Boston Scientific has come very quickly after their announcement last year of a €50 million investment in R&D, showing their ongoing commitment to their already significant Irish operations.”