TECHEU RADIOISOTOPES THERAPY SUPPORT FRANCE

The project involves establishing the Advanced Thorium Extraction Facility (ATEF) factory dedicated to the production of thorium-228, by extraction from natural thorium salts. Thorium-228 is a precursor of lead-212, used in nuclear medicine in cancer treatment. The project will use an innovative production method based on a sequence of advanced chromatographic separation and purification steps, thus requiring neither nuclear reactors nor particle accelerators.

The project objective is to ensure sufficient supply of lead-212, a medical radioisotope used in cancer treatment, by developing lead-212 production in Europe.

This new project will allow the Promoter's to establish a globally unique industrial production facility, designed to manufacture up to 200,000 radiopharmaceutical doses annually. This production capacity translates into the ability to treat approximately 50,000 patients per year. The project directly supports the EU's strategic objective of fostering innovation in healthcare by financing some of the most promising technologies in cancer treatment. These technologies are essential for the technological advancement, competitiveness, and the strategic autonomy and sovereignty of the EU. The Project also responds to France 2030 plan's objectives by enhancing France's sovereignty and autonomy in healthcare and contributing to development of new therapeutical agents against cancer. The Project is also addressing the French ten-year strategy to combat cancer 2021-2030.

The Project's contribution to policy objectives is rated as Excellent. It advances the EU priorities on Innovation, Digitalisation, and Human Capital by addressing the under-provision of medical research, innovation, and development, while responding to critical societal health needs. Located in an EIB Cohesion (transition) region, the project contributes 100% to the horizontal objective of Economic and Social Cohesion. Furthermore, financing this initiative fosters the creation of new scientific and medical knowledge, generating positive externalities for the broader EU economy. These include knowledge spillovers that can drive innovation in the health sector, improve cancer treatment options, and enhance productivity.

The combination of longer maturity and favourable pricing terms provides significant benefits to the Company. The loan diversifies the Borrower's financing sources and complements existing funding channels, which currently rely on a mix of bank debt and debt capital market instruments - sources that are increasingly volatile given current market conditions.

The project falls under Annex I of the EU's Environmental Impact Assessment (EIA) Directive (2011/92/EU as amended by 2014/52/EU) as an integrated chemical installation, for the production of basic pharmaceutical products using a chemical process. An EIA procedure has been conducted and the project received its main environmental authorization and the associated building permit in mid-2024, enabling the start of construction of the primary facility. In addition to the main installation, a second building dedicated to solidification - required for the recycling of thorium-232 drums - will be constructed later. For this building, the promoter plans to submit an environmental authorization application in the second half of 2025, with an expected approval in 2026. In addition, the project requires an authorization from the French Nuclear Safety Authority for the distribution and handling of unsealed radioactive sources (Th-228), that will be submitted in 2026, and a permit from the High Official for Defense and Security for the possession of nuclear materials, to be submitted by the end of 2025, with authorization expected by the end of 2026. These authorizations are all part of the planned roadmap to bring ATEF into full operational status by 2027.

The Promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the promoter to apply those rules. Information on awarded main suppliers/contractors for the implementation of the envisaged operation is not available.