European Investment Bank (EIB) signs €100 million loan with Orion Corporation to boost medicinal product development from concept to clinical trials.
Orion will use the financing for research and development (R&D) in pharmaceuticals destined for both humans and animals.
Orion will target areas including oncology, neurological disorders and respiratory diseases, for which the company develops inhaled pulmonary medication.
The European Investment Bank (EIB) has signed a €100 million loan agreement with Finnish pharmaceutical company Orion Corporation to boost its research and development (R&D) of medicinal products for a range of diseases in both humans and animals. Orion will use the financial boost on a portfolio of products in various stages of development - from initial concept to pre-clinical and clinical trials – enabling it to advance its pipeline and bring medicinal products to those who need them.
Orion’s R&D focuses on three core therapy areas: neurological disorders, oncology and respiratory diseases for which Orion develops inhaled pulmonary medication. Current key clinical development projects are aiming to find new treatments for, among others, prostate cancer and chronic obstructive pulmonary disease (COPD). Orion also has projects underway to develop new veterinary drugs and selected generic drugs.
“Although much of the world’s focus is currently on stopping COVID-19, themes such as antibiotic resistance are of increasing concern,” stated EIB Vice-President Thomas Östros. “Orion’s research and development reaches far and wide to find solutions for diseases and medical issues in both humans and animals. This contributes to the overall well-being of our societies, which is very much in line with the EIB’s mission. We’re glad to get behind Orion and hope their research will bring us closer to beating some of these horrendous diseases.”
President and CEO of Orion Corporation Timo Lappalainen said: “We are pleased that the successful R&D financing cooperation with the EIB continues.”
The EIB’s facility will support Orion in maintaining the high quality of its research, development, and innovation (RDI) and production activities, contributing to Europe’s industrial competitiveness and economic growth. Orion’s commitment to RDI and generic drug production will help to maintain highly skilled jobs in Europe.
In 2020, the EIB made nearly €677 million in loans available for Finnish projects. The EIB borrows money on the capital markets and lends it to projects that support EU objectives, with the vast majority of loans being provided within the European Union.
Orion is a globally operating Finnish pharmaceutical company — a builder of well-being. Orion develops, manufactures and markets human and veterinary pharmaceuticals and active pharmaceutical ingredients. The company is continuously developing new drugs and treatment methods. The core therapy areas of Orion's pharmaceutical R&D are neurological disorders, oncology and respiratory diseases for which Orion develops inhaled pulmonary medication. Orion's net sales in 2020 amounted to €1.078 billion and the company had about 3 300 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.
Orion Oyj, a Finnish pharmaceutical company, has signed a loan agreement of EUR 100m with the EIB in Espoo. The financing is designed to support Orion’s investments into research and development, thus backing the creation of new medicines, in the fields of oncology and neurological and respiratory diseases. The project will run up to 2020 and will be mainly carried out at Orion’s research centres in Finland.
The Lithuanian Ministry of Finance and the European Investment Fund (EIF) have announced substantial new support for Lithuanian SMEs in the context of the Pan-European Guarantee Fund (EGF). Guarantee agreements with five Lithuanian financial intermediaries will make available up to an additional €364 million in new financing for businesses dealing with the economic fallout of the COVID-19 pandemic. Thanks to capped and uncapped guarantees with Faktoro, Finora Kreditas, PayRay Bank, Orion Leasing and SEB Bankas, Lithuanian SMEs will be able to apply for loans with new, more advantageous, conditions.