Medical device maker Veryan plans to add 20 jobs to its Irish operation in an IDA-backed investment that will help it add new products to the stent manufactured by the Japanese-owned business.
Veryan makes stents that improve blood flow through arteries in the leg, which the company sells in Europe and the US.
The multinational confirmed that it planned to create 20 new jobs over the next two years at its research and development facility in Parkmore, Galway, through a “multi-million euro” investment.
IDA Ireland, the State agency responsible for recruiting multi-national businesses to the Republic, is backing the investment. However, neither party would say how much Veryan intends to spend.
Veryan said that the expansion of its Galway operation would contribute to adding new products to the Biomimics 3D Swirling Flow stent that the company makes.
The 20 new staff it plans to hire will work on three development projects, Veryan said. One will be a new treatment for vein diseases, the other two focused on improving how arteries function.
The Irish unit already employs 46 people who work in design engineering, regulation, quality assurance, clinical operations, finance and other jobs. It has begun seeking the new staff.
Veryan began in 2005 as a spin-off from research done in Imperial College, London, on vascular disease. It opened the Irish innovation centre the following year. Its headquarters is in Horsham, Sussex, in southern England.
Increased numbers
Japanese group, Otsuka Medical Devices, bought the company in 2018. Since then it has increased the numbers employed in the Republic to their current level from 11.
The 2018 sale made Veryan part of Otsuka Holdings, a Tokyo-listed pharmaceutical manufacturer and distributor that employs 47,000 people in 30 different countries.
Nick Yeo, Veryan chief executive, said Thursday's news was a "timely stimulus" for the Galway operation, which he noted had displayed remarkable resilience through the Covid-19 pandemic.
Noriko Tojo, Otsuka Medical Devices president, said the group was grateful for the IDA's support, which he pointed out aided the company's work to develop new treatments for blood vessel problems.
"We look forward to continuing working with our talented colleagues in Ireland to achieve this ambitious goal," Mr Tojo added.
Tánaiste Leo Varadkar said he was pleased to see Veryan would create 20 new jobs.
“This expansion demonstrates the company’s commitment to Ireland and will allow it to continue to benefit from the rich pool of talent in Galway and the surrounding area,” he predicted.
