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"InnovFin funding iniciative"
It’s a statement that would resonate with the EIB, whose Philippe de Fontaine Vive said at the time InnovFin was first announced: “Investment in innovation is key to this end. We need to ensure that a limited EU budget is used to maximum effect.”
The funding vehicle grew out of an early risk-sharing finance facility developed under the seventh EU framework programme for research and technological development (FP7), which provided around €11.4bn to research-based companies.
InnovFin is designed to help the EU meet its objectives under the €80bn Horizon 2020 programme, which laid out research priorities for the region between 2014 and 2020 and endeavoured to do away with the red tape that limited access to funding.
In addition to milestone payments the deal includes a number of other contractual elements that makes it sound more like a traditional pharma partnership, including setting out what happens to the intellectual property (IP) resulting from the research. On this point the EIB will acquire and co-own (with UCB) part of the IP that will be jointly developed during the investment programme, but UCB will ultimately re-acquire all the co-owned IP at the end of the partnership agreement.
It’s an innovative deal that’s quite a long way from traditional bank investments and could be the first of many within the industry. “If this pilot that they run with us is positive, they want it to broaden this type of offering and clearly there is a lot of [industry] interest in deals in where you share risk and you share returns,” Doliveux said Ver
EIB to provide up to €75 million funding to Belgian pharmaceutical company in first deal of new InnovFin initiative