| Project Detail |
The project concerns a quasi-equity financing to Icosagen AS, an Estonian biotech developing innovative solutions in the discovery, development and manufacturing of biopharmaceuticals. Icosagen, founded in 1999 to provide molecular diagnostics services to Estonian medical institutions, provides contract research services to the biopharma/ biotech industries and academia to support the development of biologic drugs. The company offers a catalog of off-the-shelf products, such as antibodies, proteins, and ELISA kits.
Additionality and Impact
The project concerns an operation under Invest EU. The purpose of the loan is to provide direct, equity-type financing under EIBs Venture Debt Instrument to support Research, Development and Innovation ("RDI") activities of the innovative company Icosagen, an SME based in Estonia. 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. Icosagen is a biotech company focused on the development of innovative solutions for discovery, development and manufacturing of biopharmaceuticals. By creating knowledge externalities, the project is expected to provide significant socio-economic benefits, will strengthen Estonia and Europes leading position in biotechnologies, and it will help to retain skilled staff engaged in the Companys RDI activities.
Objectives
The operation will support Icosagens investments into research, development and innovation (RDI), as well as clinical, manufacturing and regulatory costs for its current good manufacturing practice (cGMP) site. Other research drug development programmes are also included in the project.
Comments
As per indications received by the client, the preferred timing for postponed publication Upon Signature.
Sector(s)
Industry - Manufacturing
Proposed EIB finance (Approximate amount)
EUR 18 million
Total cost (Approximate amount)
EUR 40 million |
