3 April 2020
Promoter – Financial Intermediary
The project supports a biotech company to develop a prophylactic vaccine against severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The eligible investment plan includes Research, Development and Innovation (RDI)and related expenses to finance the development of the product and its subsequent commercial manufacture on a very large scale.
The proposed transaction will support RDI and manufacturing investments required to bring a product to the market addressing a high unmet medical need, for the current COVID-19 crisis.
By co-investing in the project, the EIB contributes to improving healthcare, whilst also fostering the generation of European scientific knowledge and acumen, preserving and cultivating highly skilled employment opportunities.
- Professional, scientific and technical activities
Proposed EIB finance (Approximate amount)
EUR 75 million
Total cost (Approximate amount)
EUR 275 million
The project mainly concerns investments in RDI that are expected to be carried out in the promoter's existing facilities or other research centres already authorised for the same purpose and would therefore not require an Environmental Impact Assessment (EIA) under the Directive 2014/52/EU amending the EIA Directive 2011/92/EU.
Investments are also expected to be made into the furnishing and validation of an existing manufacturing facility, this aspect of the project falls under the annex II of the EIA directive (2014/52/EU), referring to the manufacture of pharmaceutical products. Full environmental details will be verified during appraisal, including evidence of any screening by the competent authorities.
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. Details will be assessed during the project's due diligence.
Signed - 27/06/2020