EIB provides €20 million to support RDI activities and growth at Galenicum
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 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 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.
European Commissioner for the Economy, Paolo Gentiloni, yesterday said:
“Thanks to the Investment Plan for Europe, the EIB has signed a financing agreement with Spanish pharmaceutical company Galenicum that manufactures drugs, including those used to treat the COVID-19 virus. The new funding will allow the company to expand its operations and portfolio of products and services helping for instance patients affected by cancer and diabetes. This EU support comes at the right time when groundbreaking medical research is more important than ever.”
“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.”
Alex Ollé, co-founder of Galenicum and leading figure in the partnership with the EIB, expressed his appreciation:
“This financing agreement will enable us to improve products and processes to benefit not only patients, but also the healthcare model more broadly. The past year has shown the vital importance of the pharmaceutical industry and its commitment to society. Galenicum thanks the EIB for the trust it has placed in us and our forward-looking project.”
Innovation and skills development are essential ingredients in bringing about sustainable growth and the creation of highly skilled jobs. Both play a key role in achieving long-term competitiveness. This is why financing innovation is one of the EIB's top priorities. In 2020, the EU bank provided €14.43 billion to finance different RDI projects. In Spain alone, last year the EIB made available over €875 million in support of the innovation projects of Spanish companies.
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