We are happy to announce that our good customer and partner – the Estonian biopharmaceutical innovator Icosagen AS has reached a €18 million financing agreement with the European Investment Bank (EIB) — backed by the InvestEU programme — to further strengthen its drug discovery, development and production services. The funds are part of Icosagen’s €40 million investment into increasing its innovative contract research and development capabilities as well as into a new current good manufacturing practice (cGMP) facility to produce innovative drugs for clinical trials.
The agreement seeks to provide a major boost to the biological drug development industry in Estonia.
The EIB financing is backed by the European Commission’s InvestEU programme, who provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable economy.
Icosagen was founded in 1999, is privately owned, independent and employs 170 CRDMO experts. It is based in Tartu, Estonia, with offices in San Francisco, California (United States), and Berlin (Germany).
TARK’s team advising the transaction included partners Hannes Küün, Tanel Küün and lawyer Tarvi Salu.
