On August 27, 2020 the European Investment Bank (EIB) agreed a €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.