EBRD lends €20m to Croatian pharmaceutical company
To double production and potentially become an international player in sterile nose, eye and ear drop solutions
The European Bank for Reconstruction & Development (EBRD) is lending €20m to Croatian pharmaceutical company Jadran Galenski Laboratorij (JGL) to help double its production and hopefully become an international player in the sterile solutions segment.
The second-largest pharmaceutical company in Croatia, JGL specialises in sterile nose, eye and ear drop solutions, exporting 75% of its production.
The Croatian Development Bank HBOR will make a parallel loan of €32.7m. This expansion, involving the construction of a new ‘Pharma Valley’ unit, should create 100 new jobs, said the EBRD.
Company board President Ivo Usmiani said the EBRD loan would help boost JGL’s research and development, production and storage capacities 'and will support JGL in taking a further strategic step in selected therapeutic areas in the global pharmaceutical market'.
EBRD Croatia Director Vedrana Jelušić Kašić said she hoped the expansion would be a good practice example and encourage other Croatian companies to invest in 'entrepreneurship, innovation and know-how'.
