Bavarian Nordic Granted EUR 50 Million Loan from The European Investment Bank
Bavarian Nordic has announced the securing of a loan facility of EUR 50 million from the European Investment Bank (EIB), the long-term lending institution of the European Union owned by its Member States.
EIB has granted the loan facility to support the research and development of novel vaccines against Ebola and other infectious diseases as well as cancer immunotherapies. The loan facility provides Bavarian Nordic an opportunity to accelerate its growth strategy with the clinical development of a vaccine against respiratory syncytial virus (RSV) for which no vaccine exists, and prioritizing the development of its CV-301 cancer immunotherapy candidate, which holds promise in multiple cancer indications.
Paul Chaplin, President & CEO of Bavarian Nordic, said: "Public investment continues to be a critical component of the advancement of research and development for public health preparedness. Bavarian Nordic has been at the forefront of this for over a decade and we look forward to continuing these efforts well into the future. We are proud to be selected by EIB in support of the fight against infectious disease and cancer. The EIB loan provides a unique opportunity to increase our financial flexibility on attractive terms, and enables us to continue our growth strategy and unlock the potential of our innovative vaccine platform technology."
The loan facility, which is unsecured, is offered on favorable terms and may be utilized in one or more tranches. Under the terms of the agreement, Bavarian Nordic will have up to 18 months to draw on these monies. The loan is a 3–5 year bullet loan and could potentially carry a fixed or variable interest payment, the margin associated with the loan facility is 3.26%.
As a result of the loan facility agreement, the company upgrades its expectations to year-end cash preparedness from DKK 1,100 million to DKK 1,450 million.
Related News
-
News Patients vs Pharma – who will the Inflation Reduction Act affect the most?
The Inflation Reduction Act brought in by the Biden administration in 2022 aims to give better and more equitable access to healthcare in the USA. However, pharma companies are now concerned about the other potential costs of such legislation. -
News CPHI Podcast Series: What does the changing US Pharma market mean for industry and patients alike?
In this week's episode of the CPHI Podcast Series Lucy Chard, Digital Editor for CPHI Online is joined by James Manser to discuss the political and market changes in the US pharma field. -
News CPHI Barcelona Annual Report illuminates industry trends for 2024
The CPHI Annual Survey comes into it’s 7th year to report on the predicted trends for 2024. Over 250 pharma executives were asked 35 questions, with their answers informing the industry landscape for the next year, spanning all major pharma marke... -
News Which 10 drugs are open to price negotiation with Medicare in the USA?
The Centres for Medicare & Medicaid Services, under the Biden administration in the USA, has released a list of the 10 drugs that will be open to price negotiations as part of the new legislation under the Inflation Reduction Act (IRA). -
News EU Medical Devices Regulation causes unintended disappearances of medical devices for children, doctors state
Doctor groups and associations have appealed to the EU to correct the EU Medical Devices Regulation law that may cause unintended shortages of essential drug and medical devices for children and rare disease patients. -
News 10 Major Drug Approvals So Far in 2023
Last year, 37 novel drugs were approved by the FDA, this was a high number for such a category, and covered many fields including oncology, demonstrating how promising further research is, and how it is only continuing to build. To date, there are alre... -
News Detecting Alzheimer's disease with a simple lateral flow test
A novel rapid diagnostic test for early-stage Alzheimer's disease has been developed using a biomarker binder from Aptamer Group along with technology from Neuro-Bio, the neurodegenerative disease experts. -
News CPHI Podcast Series: outsourcing and manufacturing trends
Listen to the CPHI Podcast Series this June to hear Gil Roth of the PBOA speak with Digital Editor Lucy Chard about the biggest trends and topics to watch in pharma outsourcing and manufacturing at the minute.
Position your company at the heart of the global Pharma industry with a CPHI Online membership
-
Your products and solutions visible to thousands of visitors within the largest Pharma marketplace
-
Generate high-quality, engaged leads for your business, all year round
-
Promote your business as the industry’s thought-leader by hosting your reports, brochures and videos within your profile
-
Your company’s profile boosted at all participating CPHI events
-
An easy-to-use platform with a detailed dashboard showing your leads and performance