NIB finances pharmaceutical gene therapy manufacturing in Finland
The Nordic Investment Bank (NIB) and Finnish FinVector Oy, a Ferring Ventures company, have signed a twelve-year EUR 45 million loan for the building of FinVector’s new viral-based gene therapy drug production unit in Kuopio, Finland.
The investment is part of FinVector’s long-term commitment to the development and manufacturing of gene therapy-based medicines in Finland. When the unit under construction starts its operations, it will primarily focus on the production of a new viral-based gene therapy drug for bladder cancer. FinVector’s goal is to continue to be a pioneer as a developer and manufacturer of new precision medicines. Viral-based gene therapies have great potential for the treatment of severe diseases and conditions ranging from cancer treatments to vaccines. The company recently received approval to scale up its manufacturing process from the U.S. Food and Drug Administration.
“By providing this loan, we support FinVector to increase their production capacity of effective medicine for cancer treatment, which can benefit numerous of patients in need”, says André Küüsvek, NIB President and CEO.
”The funding granted by the Nordic Investment Bank for the construction of our new state-of-the-art pharmaceutical factory in Kuopio is important to FinVector. Bladder cancer is one of the most common cancers in the United States. With the growing capacity, FinVector will be able to deliver precision medicine to an increasing number of patients in need”, said Matthias Krieger, Managing Director of FinVector.
The new production unit will be built in Kuopio, Savilahti, near FinVector's current premises, and is expected to start operations in 2024. The new four-story production unit comprises a total floor space of 25,000 square meters. Moreover, the building plan also has a provision for increasing additional production capacity in the future. The unit will incorporate sustainable energy solutions, including solar energy utilization and waste heat recovery. FinVector is applying for the LEED (Leadership in Energy and Environmental Design) environmental certificate for the sustainable development of construction for its new unit.
The investment is significant also for the city of Kuopio. In the coming years, FinVector expects to increase its headcount to nearly 500 people. The investment of the company comes with a further increase in high-skill jobs, and further strengthens the knowledge- and research-intensive healthcare ecosystem of the Kuopio and Savilahti area. FinVector also does close collaboration with the University of Eastern Finland, Kuopio University Hospital and Kuopio Center for Gene and Cell Therapy (KCT).
FinVector is a fast-growing and internationally renowned biopharmaceutical company that manufactures viral-based gene therapy products. As a pioneer in this field, FinVector has extensive experience of nearly 30 years in cGMP manufacturing. The company’s operations are centered in Kuopio, Finland, and it employs hundreds of highly qualified professionals from over 40 different countries. FinVector works on cutting-edge biopharmaceuticals and has invested in building state-of-the-art GMP facilities for Viral Vector platforms. FinVector is owned by Ferring Ventures, a subsidiary of Ferring Foundation B.V.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact:
Seppo Halttunen, Senior Client Executive, at +358 40 702 8810, seppo.halttunen@nib.int
Søren Hovgaard, Country Lead Denmark, Senior Advisor, at +45 4081 3575, soren.hovgaard@nib.int
Lotta Forssell, Senior Communications Officer, at +358 10 618 0498, lotta.forssell@nib.int