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Wednesday, November 21, 2018

EUROPEAN INVESTMENT BANK: Investment Plan for Europe: the EIB and Grifols sign a new loan agreement to advance research on rare and chronic diseases

European Investment Bank issued the following announcement on Sept. 7.

The European Investment Bank (EIB) and Grifols today announced the signing of a new loan agreement for EUR 85 million to advance the firm’s research, development and innovation (RDI) efforts to discover new therapeutic uses for plasma proteins in the treatment of rare and chronic diseases. The agreement, signed in Barcelona today by EIB Vice-President Emma Navarro and Grifols’ co-CEOs Raimon Grífols Roura and Víctor Grífols Deu, is backed by the Investment Plan for Europe, the Juncker Plan.

The loan will support research initiatives that enhance the health and well-being of patients by providing the financial resources necessary to spur innovation in the medical research field in Spain as well as in the rest of the European Union. The agreement will also boost bio-scientific research in the universities, hospitals and research centers that collaborate with Grifols.

The EIB loan represents the third one provided to Grifols under the umbrella the Plan. In 2015, Grifols was among the first European companies to obtain funding from the Juncker Plan, receiving additional funding at the end of 2017. The Juncker Plan increases the EIB’s ability to finance investment projects toward initiatives that, due to their nature or structure, boost the innovation and competitiveness of companies operating in the EU.

The loan offers favorable financial conditions, including a fixed interest rate, maturity date in 2028 and a two-year grace period.

During the signing ceremony formalized in Barcelona today, EIB Vice-President Emma Navarro highlighted: “The economic and social impact of an agreement that will benefit European citizens by supporting research aimed at finding new treatments for chronic diseases. This loan also underscores the EU bank’s solid commitment to providing the necessary resources to support innovation, an essential driver to gain competitiveness and create high-quality employment.”

For their part, the co-CEOs of Grifols, Raimon Grífols Roura and Víctor Grífols Deu, highly value the EIB’s support and the opportunities it provides. This newly signed loan reinforces the institution’s role as a complementary source of financing for Grifols’ RDi initiatives.

Vytenis Andriukaitis, European Commissioner for Health and Food Safety, said: "I am pleased to see more EFSI financing going to R&D and innovation in the healthcare sector. This loan represents at least a three-fold benefit: new therapies for patients with rare and chronic diseases, yet another boost for R&D, and finally, investment in high-skilled employment”.

As a leading innovation company in the global healthcare sector, Grifols channels significant resources toward RDi through both in-house and external projects. In this regard, Grifols allocated a total of EUR 141.3 million in RDi over the first half of 2018, a 9.3% increase compared to the same period last year. This upward trend is evidence of the company’s firm commitment in R+D+i efforts.

Original source can be found here.

Source: European Investment Bank

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European Investment Bank

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