Phenox is to establish a medical device manufacturing facility in Galway, creating up to 65 jobs over five years.
Medical device maker Medtronic also announced it will locate a new manufacturing facility in Galway.
The new Phenox facility, which will be based in Ballybrit Business Park, will manufacture interventional neurovascular medical devices for the treatment of aneurysms and stroke.
Phenox founder and managing director Hermann Monstadt said the Galway facility will be critical to the company's global expansion plans and "will produce products specifically for the US and other international markets as well as provide additional support for EU markets".
IDA Ireland chief executive Martin Shanahan said Phenox will add significantly to the existing medical technologies cluster in the region and will be a valuable reference case for the state agency in attracting further high growth medical technology companies to the region.
Headquartered in Bochum in Germany, the company currently employs 130 people.
Medtronic is to invest €13 million developing a 20,000 square feet facility in Galway to manufacture the market-leading In.Pact Admiral drug-coated balloon for the treatment of peripheral artery disease
The company said decision to locate the new facility in Galway is based on the existing high-tech capability and expertise at the site in drug-device combination products for Medtronic’s coronary business.
Medtronic employs more than 85,000 people worldwide, including 3,000 in Galway, broken across its Parkmore Business Park West and Mervue facilities. The company has more than 4,000 employees overall in Ireland.