EIB has signed a EUR 25 million agreement with Greece’s Pharmathen
The European Investment Bank (EIB) has signed a EUR 25 million agreement for RDI activities with Greece’s Pharmathen S.A. This is the first EIB transaction in Greece supported by “InnovFin – EU Finance for Innovators”, with the financial backing of the European Union under Horizon 2020 Financial Instruments. “InnovFin MidCap Growth Finance” is specifically dedicated to improving access to risk finance for research and innovation projects of midcap and SME companies in the European Union.
The loan to Pharmathen, one of Greece’s main generic drug manufacturers, will finance the development and production of high-quality pharmaceutical products geared mainly to export markets. The RDI activities will be managed out of Pharmathen’s headquarters in Athens. The project is important for Pharmathen, as it will allow the company to maintain its competitive edge in international markets, by accelerating its RDI programmes. Additionally, it will strengthen the cooperation between Pharmathen and European and local suppliers, universities and research institutes, and will contribute to increasing the competitiveness and value added of Greek manufacturing goods.
Werner Hoyer, EIB President declared: “We are pleased to be partnering with Pharmathen in this breakthrough operation. Promoting research is one of the EIB’s key activities across all productive sectors. We are particularly proud of this operation as it enables the EU bank to support the work of scientists whose concrete applications improve quality of life. The operation showcases the direct intervention of the EIB and its role in supporting key R&D activities. We are aiming to pave the way and demonstrate that innovative financial instruments such as ‘InnovFin – EU Finance for Innovators’ can make a difference in boosting research and innovation; and this is of the utmost importance for the future of Greece as well as Europe”.