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    Signature(s)

    Amount
    € 18,000,000
    Countries
    Sector(s)
    Belgium : € 18,000,000
    Industry : € 18,000,000
    Signature date(s)
    19/07/2023 : € 18,000,000
    Link to source
    Data sheet

    Summary sheet

    Release date
    13 March 2024
    Status
    Reference
    Signed | 19/07/2023
    20220801
    Project name
    Promoter - financial intermediary
    NOVADIP (IEU TI)
    NOVADIP BIOSCIENCES
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 18 million
    EUR 60 million
    Location
    Sector(s)
    Description
    Objectives

    The operation is a quasi-equity financing to Novadip, an innovative Belgian biotech developing therapies for rare genetic diseases in the field of critical size bone defects, bone non-union and other bone related diseases.

    The project concerns the development of therapeutic solutions for patients suffering from critical size bone defects, including Congenital Pseudarthrosis of the Tibia (CPT), a rare and highly debilitating paediatric disease, and other bone-related conditions that can severely impact patient's quality of life and can result in amputation.

    Additionality and Impact

    The Operation contributes to the InvestEU objective of research, development and innovation. The purpose of the loan is to provide direct, equity-type financing under EIB's Venture Debt Instrument to support research, development and innovation activities of the innovative company 'Novadip', a clinical-stage biopharmaceutical company based in Belgium. The financing of this project addresses the failure in financial markets for RDI, arising from limited access to commensurate financing as a result of factors such as information asymmetries, misalignment of incentives, etc. Novadip is a biopharmaceutical company focused on the development of advanced therapies for bone-related diseases. By creating knowledge externalities, the project is expected to provide significant socio-economic benefits, will strengthen Belgium and Europe's position in the field of advanced therapies, and it will help to create and retain skilled staff engaged in the Company's RDI activities. Thanks to the support of InvestEU, the EIB may provide long term financing in the form of venture debt to a highly innovative but high-risk early-stage company with no access to commercial debt. By contributing to extending the cash runway and therefore to de-risking the development plan of the company, the innovative EIB financing is expected to crowd-in third party investors (such as Venture Capitals, Strategic Investors, Private Equity players, etc.) and allow the company to accelerate its development and forming strategic alliances. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

    Environmental aspects
    Procurement

    The promoter's investments concern research, development and innovation activities that are expected to be carried out in existing facilities already authorised for the same purpose and would therefore not require an environmental impact assessment (EIA) under Directive 2011/92/EU. Full environmental details will be verified during appraisal.

    The promoter is a private company, not operating in the utilities sector and does not have the status of a contracting authority; thus the project is not covered by the EU directives on procurement. However, the promoter's procurement procedures are expected to be in line with EIB guidelines for private sector projects. The EIB's services will verify details during the project due diligence.

    Milestone
    Under appraisal
    Approved
    Signed
    7 June 2023
    19 July 2023
    Related projects
    Link to source
    Summary sheet

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - NOVADIP (IEU TI)
    Publication Date
    21 Mar 2024
    Document language
    Main Topic
    Lending
    Document Number
    196045360
    Document Focus
    Environmental Information
    Project Number
    20220801
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now

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