Polish pharmaceutical firm gains €45m EIB R&D loan

The European Investment Bank (EIB) is lending €45m to the largest Polish manufacturer of pharmaceuticals for its research into and development of biosimilar drugs.

The investment into Polpharma is the first EIB operation in Poland supported by a new generation of financial instruments for innovative and growth companies known as ‘InnovFin’, which has the financial backing of the EU under Horizon 2020.

The aim of the project is to provide patients with wider access to modern biological drugs and to address unmet medical needs in the area of severe and life-threatening diseases such as cancer, Crohn’s disease, multiple sclerosis and rheumatoid arthritis. The project will be implemented in the company’s facilities in Poland.

László Baranyay, EIB vice-president responsible for lending in Poland, said: “We are pleased to be partnering with Polpharma in this breakthrough operation as it will enable the EIB, the bank of the European Union, to support innovative research and development of more affordable healthcare treatments in Poland.

“Polpharma is a role model for our support for fast growing, innovative and expanding companies in Poland. Projects such as this strengthen the competitiveness and boost the innovative capacity of European health-related industries and businesses.”

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 EU. Through its research, development and innovation activities, Polpharma will contribute to increasing patient access to essential drugs in Europe in areas that are crucial for the improvement of its citizens’ health.

Over last five years, the EIB has provided around €10bn for healthcare investment. Biosimilar drugs are more affordable alternatives to current treatments.