The EU bank funds will finance the pharmaceutical company’s 2020-2023 investment plans in the field of RDI and to boost the expansion of its business
The financing is supported by the Investment Plan for Europe
The European Investment Bank (EIB) will provide €20 million to finance the research, development and innovation (RDI) programme of Galenicum, a pharmaceutical company founded in Barcelona in 2003 that aims to improve the quality and affordability of medicines. The investment will strengthen the company’s position in its sector, driving growth and innovation in its product and service portfolio. The project is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The EIB will provide Galenicum with long-term financing to boost the RDI carried out in its laboratories in Barcelona. This includes both the development of injectables, gliptins and reduced-dose formulations in various treatment areas such as diabetes, oncology and the central nervous system (CNS), and the purchase of equipment needed to carry out pharmaceutical research and development.
This EIB financing will also contribute to the EU bank’s efforts to mitigate the effects of COVID-19 by supporting a promoter that manufactures medicines widely used to treat the virus. Galenicum is a leader in the production of paracetamol (first line of treatment of symptoms) and metformin (essential treatment for diabetic patients, who are vulnerable to COVID-19) in Spain and Europe. The EIB will also finance the purchase of equipment to expand capacity and flexibility at Galenicum’s plant in San Agustín del Guadalix, Madrid.
EIB Vice-President Ricardo Mourinho Félix, who is responsible for the Bank’s operations in Spain, said: “We are very pleased to sign this agreement with Galenicum to support the research and development strategy of Galenicum, a Spanish leader in the pharmaceutical sector that produces widely used medicines such as paracetamol and metformin, essential for diabetic patients that are most vulnerable to COVID-19. This loan shows the EIB’s firm commitment to providing the resources needed to promote investment in innovation in the European pharmaceutical industry, increase its competitiveness and strategic autonomy, and create high quality jobs.”