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    Reference: 20200867
    Release date: 10 June 2021

    Promoter – Financial Intermediary

    INBIOSE NV

    Location

    Description

    The Promoter is a clinical-stage biotechnology company focusing on the development of large-scale production processes of human milk oligosaccharides (HMOs) - complex nutrients which are found in human milk.

    Additionality and Impact

    The purpose of the loan is to provide direct equity-type financing under the EIB's Venture Debt Instrument to bridge the liquidity need of the innovative company 'Inbiose', an SME based in Belgium, which has been impacted by the Covid-19 pandemic. The Company is a small commercial stage biotechnology SME, focusing on the development of large-scale production processes of human milk oligosaccharides (HMOs) to produce complex carbohydrates in a cost-efficient way, addressing needs in industrial scales of novel food ingredients for markets such as infant formula, dietary supplements, medical nutrition and beverages. The financing of this project addresses the failure in financial markets for RDI-driven SMEs, arising from their limited access to financing as a result of factors such as information asymmetries, misalignment of incentives etc. Creation of knowledge and support of skilled jobs in Belgium will further contribute positively towards the EU's 3% RDI intensity target. Hence, the EIBs involvement in this project supports the development of products with important health benefits, which would otherwise have been significantly delayed due to the Covid crisis. The financing structure is adjusted to the investment needs of the Company, with a long tenor and partially deferred interest, minimising cash outflows.

    Objectives

    The Promoter is an industrial biotechnology company focusing on the development of large-scale production processes of human milk oligosaccharides (HMOs) - complex sugars which are found in human milk.

    Sector(s)

    • Services - Professional, scientific and technical activities

    Proposed EIB finance (Approximate amount)

    EUR 15 million

    Total cost (Approximate amount)

    EUR 34 million

    Environmental aspects

    The research, development and innovation (RDI) activities are expected to be carried out in existing facilities that are already used for the same purposes and that are not expected to change their scope due to the project. An environmental impact assessment (EIA) is therefore not needed as per EIA Directive 2014/52/EU amending Directive 2011/92/EU. The full environmental details will however be investigated by the Bank's services during the project due diligence.

    Procurement

    The Promoter has been assessed by the EIB as being a private company not 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 EU public procurement legislation, then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

    Status

    Signed - 13/07/2021

    Disclaimer

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

    Related tags

    Belgium Services