Today, the Commission, through its Health Emergency Preparedness and Response Authority (HERA) and the European Investment Bank, have signed an agreement worth €20 million with the French biopharmaceutical company Fabentech. This will support the company's development and deployment of its broad-spectrum therapeutics to combat biological threats to public health.
HERA's threat analysis has demonstrated the importance of developing Fabentech's technology platform, which relies on the production of broad-spectrum polyclonal antibody fragments, which recognise and neutralise pathogens and toxins in the human body. Thanks to its integrated research and development (R&D) and bioproduction capabilities, Fabentech aims to rapidly develop and produce new immunotherapies, contributing to a more effective response in public health emergencies.
Today's agreement is the first in its kind under HERA Invest. More investments are in the pipeline with other European companies. They will stimulate innovation to respond to priority health threats, such as pathogens with high pandemic potential, chemical, biological, radiological and nuclear (CBRN) threats, and resistance to antibiotics.
What is HERA Invest?
A flagship initiative of HERA, HERA Invest is a €100 million top-up to the InvestEU programme financed by the EU4Health programme which ultimately works to protect citizens against health threats. Geared towards small and mid-sized companies, it promotes R&D in Europe to strengthen open strategic autonomy, reduce market failures where available financial resources do not cover the financing needs, and leverage public funding to incentivise private investment in the development of new medical countermeasures.
Under HERA Invest, the European Investment Bank (EIB) provides venture loans which cover a maximum of 50% of total project costs. Together with HERA, the EIB assesses whether an operation meets HERA Invest's defined criteria and the project's commercial and scientific viability. Applications are accepted on a rolling basis
Background
In 2022, HERA, together with the Member States, identified three specific high impact health threats for which it is key to ensure preparedness and response. To ensure the availability and accessibility of medical countermeasures, HERA supports the development, production capacity and scaling-up of manufacturing, procurement and potential stockpiling of medicinal products, diagnostics, medical devices, and personal protective equipment as well as other medical countermeasures.
In line with this approach, HERA partnered with the European Investment Bank (EIB) to create HERA Invest.
The EIB seeks to boost Europe's potential in terms of jobs and growth, support action to adapt to and mitigate climate change and promote EU policies outside the EU. Between 2015 and 2020, the EIB was the implementing partner of the European Fund for Strategic Investments and manager of the European Investment Advisory Hub, the main pillars of the Investment Plan for Europe. As of 2021 it is one of the implementing partners of InvestEU.
The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. As part of the programme, the InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least €372 billion in additional investment.
