Connect with us

European Commission

InvestEU: EIB agrees €18 million loan to Estonian biotech Icosagen for innovative R&D technologies and new production facility

SHARE:

Published

3 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

The Estonian biopharmaceutical company Icosagen AS has reached a €18 million financing agreement with the European Investment Bank (EIB) — backed by the InvestEU programme — to further strengthen its drug discovery, development and production services. The funds are part of Icosagen's €40m investment in increasing its innovative contract research and development capabilities as well as in a new current good manufacturing practice facility to produce innovative drugs for clinical trials.

The construction of the new 1,600 square metres production plant expands on Icosagen's existing laboratories in Tartu, Estonia, and will be completed in September 2023. The plant is expected to become operational in 2024. This new facility will help Icosagen become a one-stop shop for its biotechnology and pharmaceutical clients, and a full contract research, development and manufacturing organisation, offering seamless discovery, development and manufacturing capabilities of mammalian protein drug candidates.

Economy Commissioner Paolo Gentiloni said: “InvestEU is playing an important role across Europe in helping businesses access the finance they need to innovate, expand and create jobs. This agreement is an excellent example of InvestEU channelling finance to support research and production that will allow Europe to maintain its leadership position in the development of innovative drugs. It will also serve as an important catalyst for the development of the pharmaceutical industry in Estonia.”

The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least €372 billion in additional investment. 

A press release is available online.

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending