The European Investment Bank (EIB), the long-term lending institution of the European Union (EU) that is owned by the EU member state, is lending EUR 45 million ($51 million) to Polpharma, a large Polish manufacturer of pharmaceuticals, for research and development of biosimilar drugs. The financing is the first EIB operation in Poland supported by the new financial instruments for innovative and growth companies, “InnovFin: EU Finance for Innovators,” with the financial backing of the EU under Horizon 2020, a large EU research and innovation program with nearly EUR 80 billion ($90 billion) of funding available over seven years (2014 to 2020).

Polopharma is among the top 20 generic drug manufacturers globally, according to the EIB, with annual sales of approximately $1 billion. The company employs more than 7,000 people. It operates in the markets of Central and Eastern Europe, the Caucasus, and Central Asia with seven manufacturing plants and six research and development centers.

The “InnovFin Large Project” facility is specifically dedicated to improving access to risk finance for research and innovation projects originating from larger firms in the European Union. The project will be implemented in Polpharma’s facilities in Poland.

Over last five years, the EIB has provided around EUR 10 billion ($11 billion) for healthcare investment.

Source: European Investment Bank