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Osborne Clarke advises Vakzine Projekt Management in EUR 30 million financing


Written on 11 September 2020

Osborne Clarke advised Vakzine Projekt Management GmbH in a EUR 30 million financing with the European Investment Bank (EIB).

The EIB loan signed the week before last will finance the late stage (phase III) clinical trial, of a new and improved vaccine protecting against Tuberculosis in infants. It is also partly financed by the European & Developing Countries Clinical Trials Partnership (EDCTP).

Vakzine Projekt Management GmbH is a regular client of an IP team led by Tim Reinhard and including Max Wächter, Larissa Mößmer and Anika Quak.

The finance team was led by Antje Günther with support from Adriana Wolf (both Finance) and Axel van der Staak (Finance / Osborne Clarke Netherlands). This was a further transaction for the finance team advising its client base in a series of financings with EIB to facilitate innovation and research in the areas of energy and biotechnology (in particular vaccine research).

EIB agreed a EUR 30 million loan with Vakzine Projekt Management GmbH, the German subsidiary of Serum Institute of India Pvt. Ltd., the world’s largest vaccine manufacturer. The agreement, initiated by kENUP Foundation, will support research and development of a new vaccine to prevent tuberculosis in infants in particular in high-risk HIV+ populations.

The EIB loan is supported by the dedicated Impact Financing Envelope. The financing structure consists of a contingent loan where the repayment is due only, if market authorization is achieved. If the trials do not reach the primary endpoint, the loan is written off.

Vaccine research and development for the project will be carried out by Vakzine Projekt Management in Germany with clinical trials scaled up in several high-burden sub-Saharan countries. The vaccine will also be tested in high-risk, HIV-exposed groups to enable more effective treatment in Africa.

About Osborne Clarke

Osborne Clarke is an international legal practice with over 1,800 employees at 26 locations worldwide, including 150 lawyers in Berlin, Hamburg, Cologne and Munich. With the claim “Helping you succeed in tomorrow’s world”, extensive industry knowledge through networking and outstanding expertise in the digital transformation of business models, Osborne Clarke advises and represents companies and entrepreneurs in all practical business law issues.
In recent years, the field of Life Sciences & Healthcare has developed into one of the main pillars of Osborne Clarke in Germany. This success is mainly based on the establishment of Osborne Clarke as a permanent advisor to some major players in the pharmaceutical and biotech sector.

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