SPAC eureKING Obtains the TIBI label and Strengthens Its Status as a Prime Investor for the Creation of a Major Biomanufacturing Player in Europe
- Initiated by the French government and led by the French Treasury, the TIBI label brings together leading institutional investors, who have committed an initial investment of €6 billion, now valued at more than €18 billion, to finance technology companies.
- eureKING, the first European SPAC in healthcare dedicated to bioproduction, aims to develop the pharmaceutical outsourcing sector in Europe by acquiring companies specialized in biomanufacturing.
- Supported by eureKARE, the French specialist in the creation and financing of biotech companies, eureKING raised €150 million in May 2022 with the objective of making its first acquisition within 15 months.
PARIS--(BUSINESS WIRE)--Regulatory News:
eureKING (mnemonic: KINGS – ISIN: FR0014009ON9) (Paris:KINGS), the French SPAC dedicated to healthcare and more specifically to biomanufacturing in Europe, officially announces the successful attainment of the TIBI label. The French Government’s initiative allows labeled technology companies to access an initially €6 billion investment fund, valued today at more than €18 billion, comprised of 21 leading French institutional investors.
"eureKING is very proud to receive the TIBI label, which marks the recognition and realization of our project to develop one of the most promising sectors of the healthcare industry in Europe and to initiate sustainable and innovative projects in the biopharmaceutical and biomanufacturing fields. This labeling allows us to initiate a new dialogue with important institutional investors and potential partners, and further strengthens our ambition to complete our first acquisition project by 2023," said Michael Kloss, CEO of eureKING.
The TIBI Label, an initiative of the French government that allows French institutional investors to dedicate €6 billion to the development of technology companies.
Presented in July 2019 to the Minister of the Economy and the Secretary of State for Digital, the report behind the TIBI label, written by Philippe Tibi, President of Pergamon Campus and Professor of Economics at the École Polytechnique, highlighted the insufficient financing capacity of French technology companies.
To address this shortfall, the French presidency engaged, in September 2019, 21 French institutional investors to dedicate €6 billion initially. In January 2020, these investors met at Bercy to formalize the project by signing a commitment document. To date, the cash-flow generated by the creation of Label TIBI exceeds 18 billion euros.
The obtaining of the TIBI label by eureKING thus allows the SPAC to engage in a dialogue with new potential investors in order to effectively meet its acquisition objective.
eureKING's ambition: to create a leading player in the biomanufacturing sector through the acquisition of European companies specialized in biopharmaceutical outsourcing
eureKING is the first European SPAC to invest in the healthcare sector and more specifically in biomanufacturing. With a fundraising of €150 million finalized at the time of its listing on Euronext, eureKING intends to acquire CDMOs (Contract Development and Manufacturing Organization), companies specialized in the production and manufacturing of biopharmaceutical products on behalf of other companies in the healthcare industry, mainly in Europe.
EureKING's acquisition and development strategy is thus based on three key segments of the biopharmaceutical industry and new health technologies: the production of biologics, the production of cell and gene therapies and the production of Live Biotherapeutics Products.
Supported by its first investor eureKARE, a pioneer company specialized in the financing and creation of biotech companies whose portfolio of companies in the Life Sciences sector continues to grow, eureKING intends to make its first acquisition within 15 months of its first listing on Euronext.
About eureKING: eureking.com
Founded in March 2022, eureKING is a French SPAC (Special Purpose Acquisition Company) formed with the aim of acquiring European companies in the field of biomanufacturing, with the ambition of creating a leading bio-CDMO in Europe capable of meeting the growing outsourcing needs of this industry. EureKING has chosen to focus on three highly specialized and strategic segments of the biopharmaceutical industry: the production of biologics, in particular new generations of monoclonal antibodies or complex proteins, the production of cell and gene therapies and the production of live biotherapeutics (with applications in the microbiome).
With a €150 million capital raising in May 2022, eureKING is led by an international management team of experienced healthcare industry talent, 100% dedicated to the SPAC project and its development strategy. eureKING is supported by a Board of Directors with complementary pharmaceutical and financial expertise to achieve its goal of developing and promoting the promising biomanufacturing sector in Europe on an international scale.
eureKING is listed on the professional compartment of Euronext in Paris since May 12, 2022.