MINERVAX (IDFF)

Promoter – Financial Intermediary

MINERVAX APS

Location

• Denmark

Description

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. 

Objectives

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).

Sector(s)

• Industry - Manufacturing

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.

Procurement

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.

Status

Signed - 13/12/2022