Bavarian Nordic announced the securing of a loan facility of €30 million from the European Investment Bank (EIB), the long-term lending institution of the European Union owned by its Member States.
The EIB’s financing is guaranteed under the European Fund for Strategic Investments. The loan facility will support Bavarian Nordic’s investments into the new fill-finish manufacturing facility, which is currently under construction, and which is expected to be operational in 2021. The facility will expand the Company’s current manufacturing competences, and will enable Bavarian Nordic to handle the final drug production of IMVAMUNE smallpox vaccine and other vaccines in the future. Initially, the facility will be validated for final drug production of freeze-dried IMVAMUNE to be delivered under the current contract with the U.S. Government.
The loan facility is unsecured, and may be utilized in up to three tranches within a specified time horizon. The loan is offered on favorable terms with a fixed or variable interest payment and a margin of 3.21%. The repayment period may be up to seven years from disbursement of the tranches.
Headquartered in Kvistgaard (Denmark), Bavarian Nordic is a fully integrated biotechnology company focused on the development of innovative and safe therapies against cancer and infectious diseases. Using its live virus vaccine platform technology, MVA-BN®, the company created a diverse portfolio of proprietary and partnered product candidates intended to improve the health and quality of life for children and adults.