EIB and ROVI sign EUR 50M loan to support RD&I activities in pharma sector

ROVI is a Spanish company specialised in researching, developing and marketing proprietary pharmaceuticals.

The European Investment Bank (EIB) is providing Laboratorios Farmacéuticos Rovi (ROVI) with a new EUR 50 million loan to finance its RD&I activities for new developments in the ISM® prolonged drug-release technology, patented by ROVI, in fields such as oncology and the central nervous system, as well as the development and expansion of product applications in the glycomics field.

The agreement was signed in Madrid by Ricardo Mourinho Félix, European Investment Bank Vice-President, and the Chairman and CEO of ROVI, Juan López-Belmonte Encina.

ROVI is a Spanish company specialised in researching, developing and marketing proprietary pharmaceuticals. It is currently participating in the manufacture of the active substance, as well as the fill & finish for the Moderna COVID-19 vaccine. ROVI is specialised in the manufacture of low-molecular-weight heparins (LMWHs), which the WHO recommends as essential medicines for patients hospitalised in intensive care units due to COVID-19.

The EIB loan helps to accelerate ROVI's RD&I strategy by supporting the investments of this highly innovative company.

The financing will generate considerable positive externalities for the European pharmaceutical industry, contributing to the EU efforts to cover unmet health needs and secure qualified jobs.

Ricardo Mourinho Félix, European Investment Bank Vice-President said: "The EIB is committed to promoting RD&I investment in Spain whilst helping preserve skilled employment. A European company that can significantly contribute to the solution of the current and future pandemics provides a significant strategic advantage for Europe and Spain. I am pleased that this loan will help ROVI to contribute to the competitive search to enhance pharmaceutical knowledge in Europe in areas that are important for the improvement of the health of its citizens".

Juan López-Belmonte Encina, chairman and chief executive officer of ROVI, said, "Innovation and research form part of our identity as a pharmaceutical company, given that we bet on solutions that improve people's health. At ROVI, we have a sound R&D strategy that makes us optimistic, since we hope that, as a result of the new launches, R&D will become one of the group's strategic drivers in coming years. Therefore, the fact that the BEI has again placed its confidence in us so that we can continue to progress with our R&D projects represents a great opportunity for our company".

Finance for research and development activities

The EIB's loan will finance ROVI's R&D activities in various drug delivery technologies with a particular focus on psychiatry and oncology, and the development and improvement of products in the glycomic area. It will also support pre-clinical and clinical development (clinical trials, regulatory approvals) research and development, market access and international roll-out of the company's pipeline of in-house developed products.