COVID-19 VACCINE RDI SPAIN

The project supports the company's investments to develop vaccines against severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).

The proposed transaction will support research and development (R&D) 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 Bank contributes to improving healthcare, whilst also fostering the generation of European scientific knowledge and acumen, preserving and cultivating highly skilled employment opportunities.

This project supports biotechnology RDI activities in Spain; in particular, for the development of COVID-19 vaccines, it enables the Promoter to develop potential breakthrough solutions addressing one of the most critical priorities in public health, i.e., prophylactic solutions towards a deadly and highly contagious disease such as COVID-19. The research findings may generate significant spill-over effects in furthering understanding of the disease and the vaccine development processes, in collaboration with other companies, universities and research institutions, while strengthening both Spain's and Europe's position in the prevention of the coronavirus pandemic. By supporting the project, the EIB enables the generation of European scientific knowledge and acumen, whilst preserving and cultivating highly skilled employment opportunities. The EIB will provide 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 high level of uncertainty within R&D activities. In addition, the EIB loan provides a signalling effect on the soundness and quality of the project and the promoter, facilitating the crowding-in of other commercial and public lenders.

The project mainly concerns investments in research, development and innovation (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 Environmental Impact Assessment (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 not having 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 Bank's services will verify details during the project due diligence.