US medical device giant Medtronic plc (NYSE: MDT) is set to open two new R&D centers in Israel in Jerusalem and Yokneam, which will employ 80 people.
Medtronic will reportedly invest $56 million in the two R&D centers and has asked for a government grant of $15 million, although no agreement on this matter has yet been reached. Usually the Israel Innovation Authority pays 30% of salaries over the first three years for employees of such new R&D centers.
Medtronic already has a major presence in Israel with 750 employees following its acquisitions of capsule endoscopy (a camera in a pill) developer Given Imaging, pulmonary endoscope developer superDimension for, capnography respiratory monitors and modules manufacturer Oridion Systems and hernia mesh placement developers PolyTouch. It is also a partner in the MindUp digital health technology incubator in Haifa.