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    Reference: 20220025
    Release date: 9 February 2023

    Promoter – Financial Intermediary




    The loan will finance the research, development and innovation activities of the Danish biotechnology company MinervaX ApS. The project falls under InnovFin Infectious Diseases Finance Facility (IDFF), part of Horizon 2020, a joint European Commission and EIB initiative.

    Additionality and Impact

    The project concerns an operation under IDFF. The purpose of the loan is to provide direct, equity-type financing under EIB's Venture Debt Instrument to support Research, Development and Innovation ("RDI") activities of a Danish SME. 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. The Promoter is a biotech company developing an innovative prophylactic vaccine for Group B Streptococcus (GBS). By supporting an European SME via the IDFF, the project addresses the needs of a financially underserved company developing innovative products to fulfil high unmet medical needs in infectious disease. Through its backing for the project, the EIB enables the generation of European scientific knowledge and acumen, whilst preserving and cultivating highly skilled employment opportunities.

    EIB's financing will provide a signalling effect to crowd-in other capital providers, which are necessary for the completion of the clinical development stage and the launch of commercial operations. 


    The aim is to support the development of a recombinant protein-based vaccine for pregnant women preventing adverse pregnancy outcomes and life-threatening infections caused by Group B streptococcus (GBS).


    Proposed EIB finance (Approximate amount)

    EUR 50 million

    Total cost (Approximate amount)

    EUR 176 million

    Environmental aspects

    The related RDI activities 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.


    MinervaX ApS 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 will verify details during the project due diligence.


    Signed - 13/12/2022


    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).

    Related tags

    Denmark Industry