April 18. 2024. 12:33

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

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.

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