25 July 2022
Promoter – Financial Intermediary
LABORATORIOS FARMACEUTICOS ROVI SA
The project concerns the Promoter's research, development and innovation (RDI) activities in various drug delivery technologies, including preclinical development and clinical studies.
Additionality and Impact
The EIB loan will support the RDI activities of an innovative mid-cap Spanish company engaged in projects in various areas with unmet medical needs, which will generate relevant positive knowledge and technology externalities, through the creation of innovative products in the field of central nervous system, women's health/oncology and anticoagulant therapies. 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 and the need of long-term incremental investments. By creating knowledge externalities through the collaboration with other companies, universities and research institutions, the project will provide significant socio-economic benefits, will strengthen Spanish and European's leading position in areas such as innovative drug delivery technologies, clinical and regulatory development of such long-lasting acting drugs and biosimilars, and it will help to retain and increase skilled staff engaged in the Company's RDI activities. The EIB provides the company with access to long-term financing combined with customised and flexible financial terms and conditions, which better mirrors the time horizon and inherently higher level of uncertainty of R&D activities. In addition, the EIB loan provides a signalling effect on the soundness and quality of the project, facilitating the crowing-in of other commercial and public lenders.
ROVI's pharmacological investigations involved in the project strengthen ROVI's innovativeness and help the company to maintain its competitive edge and expand its international footprint.
Proposed EIB finance (Approximate amount)
EUR 50 million
Total cost (Approximate amount)
EUR 114 million
The activities included in the project will not materially change current practice and will be carried out within existing facilities 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. Full environmental details will be verified during the appraisal.
The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions.
Signed - 18/07/2022