€50m is to be invested by neurovascular care company Cerenovus in its plant in Galway.
The investment is to take place over the next three years and will result in the creation of 30 new jobs.
The money is to be used to boost research and development at the firm, which is part of Johnson & Johnson Medical Devices.
The injection of fresh capital will, the company says, allow the Galway site to continue to be a world-leading location for stroke treatment development.
"Stroke can be a devastating event for patients and their loved ones, and recovery depends on physicians having options to treat patients effectively and efficiently in the hours after their stroke," said Michael Gilvarry, General Manager of Cerenovus Galway.
"Our work at Cerenovus is focused on providing devices that change the trajectory of stroke, to protect patients from stroke-related disabilities."
"At Cerenovus Galway, we develop devices using our unique capabilities simulating the underlying diseases that cause stroke."
90 people are currently employed by the company in Galway.
The plant already has close ties with universities and academics, including GMIT and NUI Galway.
Minister for Further and Higher Education, Research, Innovation and Science Simon Harris said the news represented a significant investment in Galway and a signal of Johnson & Johnson's continued commitment to the growing research, development and innovation ecosystem here.
"Here in Ireland, we have the tools and the talent to address the key challenges facing society and our people," he said.
"Galway is now one of Europe's premier MedTech hubs with one of the highest concentrations of medical technology companies in Europe."
As a result of this investment, Cerenovus recently expanded its Galway site to include a stroke simulation laboratory and expanded prototype development and testing capabilities within the facility.
The investment has been supported by IDA Ireland.
"Johnson & Johnson has had a presence in Ireland for over 80 years, the globally recognised brand now has a workforce of over 5000 people operating across 10 sites in 5 counties," said CEO of IDA Ireland Martin Shanahan.
"Today’s announcement demonstrates the continued confidence in Ireland’s highly skilled and talented workforce. I wish the Cerenovus site in Galway every success."
