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Signature(s)

Amount
€ 45,000,000
Countries
Sector(s)
Spain : € 45,000,000
Industry : € 45,000,000
Signature date(s)
19/10/2021 : € 45,000,000
Link to source

Summary sheet

Release date
25 October 2021
Status
Reference
Signed | 19/10/2021
20210440
Project name
Promoter - financial intermediary
COVID-19 VACCINE RDI SPAIN
LABORATORIOS HIPRA SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 45 million
EUR 95 million
Location
Sector(s)
Description
Objectives

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.

Additionality and Impact

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.

Environmental aspects
Procurement

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.

Related projects
Link to source

Disclaimer

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).

Documents

Environmental and Social Data Sheet (ESDS) - COVID-19 VACCINE RDI SPAIN
Publication Date
2 Nov 2021
Document language
Main Topic
Lending
Document Number
145152212
Document Focus
Environmental Information
Project Number
20210440
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Completion Sheet (ESCS) - COVID-19 VACCINE RDI SPAIN
Publication Date
31 Dec 2023
Document language
Main Topic
Lending
Document Number
185395573
Document Focus
Environmental Information
Project Number
20210440
Sector(s)
Regions
Countries
Publicly available
Download now

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