France: Théa signs €50 million finance contract with EIB to support R&D in ophthalmology
15 July 2021
This first loan aims to fund investments to develop new molecules, pharmaceutical forms and innovative drug delivery systems for ophthalmic use.
It will help to secure and increase the number of skilled jobs in a medium-sized European company that is highly competitive on a global level.
Investment guaranteed by the European Fund for Strategic Investments, the central pillar of the Investment Plan for Europe
The European Investment Bank (EIB) and the pharmaceutical group Théa have signed a €50 million finance contract. The operation will finance Théa’s research and development (R&D) activities to create new molecules, pharmaceutical forms and innovative drug delivery systems for ophthalmic use.
This is the first long-term partnership between the EIB and Théa to be set up under the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe.
Founded in 1993 but with roots dating back to the 1850s, Théa is a major French pharmaceutical group that has carved out a place for itself as a leader in the European ophthalmology market over the years. It has been run by the Chibret family from Clermont-Ferrand since its inception, whose work in the field goes back five generations. Théa covers almost all aspects of eye care (with the exception of retina treatments) and has a strong foothold in most of these areas, especially in the treatment of glaucoma and dry eye.
The project is expected to have significant benefits given the changing demographics and relatively high incidence of eye disease among older people. Addressing the unmet needs of medical conditions such as glaucoma, dry eye and eye infections will significantly improve patients’ lives and also reduce healthcare management costs. This operation will also help to preserve jobs and increase opportunities for skilled employment in the field of research and development in a fast-growing European company that is highly competitive in its field worldwide.
EIB Vice-President Ambroise Fayolle said: “The EIB is pleased to announce its support for Laboratoires Théa, a European family-run group that is leading the rapidly growing market for eye care treatments and products. This project is fully in line with the mandate set for the EIB by its shareholders, the EU Member States, to support innovation throughout Europe with the aim of improving — in Théa’s growing field of activity — the well-being of an increasing number of patients who are likely to need eye care.”
Commissioner for the Economy, Paolo Gentiloni, said: “I welcome this investment by the EIB, backed by the Investment Plan for Europe, into French pharmaceutical group Théa. While supporting this competitive company, we will also boost Europe’s position at the forefront of pharmaceutical research and development and support skilled jobs.”
Based in Clermont-Ferrand, Laboratoires Théa is a major player in the European pharmaceutical industry in the field of ophthalmology (excluding the retina market). It has around 30 subsidiaries in Europe, North Africa, North America, South America and the Middle East with nearly 1 500 employees, and its products are available in more than 75 countries worldwide. An independent family-run group that grew from a research and development startup founded by Henri Chibret — a fourth-generation member of the Chibret ophthalmic dynasty — it is now chaired by Jean-Frédéric Chibret (fifth generation). In 2020, Théa’s turnover was €603 million (27% in France, 58% in Europe and 15% in the rest of the world).
About the European Fund for Strategic Investments (EFSI)
The European Fund for Strategic Investments (EFSI) is the central pillar of the Investment Plan for Europe. It provides first-loss guarantees, enabling the EIB to invest in more, and often riskier projects. The projects and agreements approved for financing under EFSI should make it possible to mobilise €546.5 billion of investment (including over €90 billion in France) and support more than 1.4 million small and medium-sized enterprises across the European Union.
The European Commission and the EIB Group have delivered on their pledge to mobilise €500 billion in investment under the Investment Plan for Europe. Some 1,400 operations have been approved under the European Fund for Strategic Investments (EFSI), using a budget guarantee from the European Union and own resources from the EIB Group. They are expected to trigger close to €514 billion in additional investment across EU countries and to benefit some 1.4 million small and mid-sized companies. In 2017, when the Council and the Parliament agreed to broaden the EFSI’s scope and size, the goal was to mobilise €500 billion by the end of 2020. The money was intended to address the investment gap left as a result of the 2007/8 financial and economic crisis.
MMI SpA, an Italian company dedicated to improving clinical outcomes for patients undergoing microsurgery, has signed a financing agreement with the EIB granting access to up to €15 million ($17.74 million), to be deployed over the coming years to support its long-term financial strategy. The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe under which the EIB and the European Commission are working together as strategic partners, with the EIB’s financing operations boosting the competitiveness of the European economy.