Achilles Vaccines receives Euro 11 million venture debt from EU malaria fund
Frankfurt am Main — Herbert Smith Freehills has advised biotech company Achilles Vaccines on the raising of an €11 million venture loan provided by the EU Malaria Fund. The loan will support the research and development of a monoclonal antibody against COVID-19. It will also be used for the first phase of three other vaccine research and development projects. The combined use of genomics, advanced mathematics and artificial intelligence in the funded projects is expected to significantly reduce the duration and cost of development.
As the EU Malaria Fund is domiciled in Germany, the loan is subject to German law. It is the first of five annual loans from the new fund with a total volume of more than 46 million euros. At the same time, it marks the largest seed financing to date for an Italian start-up in the biotech sector.
Achilles Vaccines, based in Siena, Italy, focuses on the research and development of vaccines against malaria and other serious infectious diseases.
The EU Malaria Fund is financed, among others, by InnovFin EU and the European Fund for Strategic Investments, two joint initiatives of the European Investment Bank and the European Commission, the Bill & Melinda Gates Foundation , and the Monte dei Paschi di Siena Foundation.
Advisor Malaria Fund: Dentons (Frankfurt)
by partners Dr. Arne Klüwer and Dirk-Reiner Voss and counsels Verena Etzel and Oda Elmoutaouakil. They were supported by a team from Dentons’ Milan and Rome offices, led by partner Michele Odello.
Advisor Achilles Vaccines: Herbert Smith Freehills (Milan/Frankfurt)
Simone Egidi (Of Counsel, Milan, Lead), Kai Liebrich, Stefanie Herkert (both Partners), Dr. Katja Lehr (Counsel; all Banking & Finance), Dr. Steffen Hörner (Partner, Tax; all Frankfurt), Laura Orlando (Partner, Life Sciences), Sara Balice (Associate, IP; both Milan)
Maisto e Associati (Milan): Mauro Messi (Tax Law)