Bio-Sourcing secure €12.5M blended finance from EIC Accelerator

Bio-Sourcing is an innovative Belgian biotherapeutic-producing company with a mission to make biotherapeutics available, affordable and sustainable. In the March 2024 round of the EIC Accelerator, Bio-Sourcing was awarded €12.5 million in blended financing to develop the first biosimilar for human application from their BioMilk platform. In this article we heard from Bertrand Mérot, CEO, about the significance of the award and the consultancy support received from Catalyze throughout the application process.

Pictured: Bertrand Mérot, CEO of Bio-Sourcing

Addressing biosimilar production challenges

Biosimilars – medicines developed to be equivalent to an existing biological medicine – remain expensive even after patents expire. For instance, despite over 11 biosimilars for the antirheumatic drug Humira/adalimumab being on the market, each with significant sales of around $2 billion, the average cost of 10mg of Humira exceeds €8000, with a year’s supply potentially costing up to €96,000. These high costs result from various production challenges faced by biosimilar producers. Both Western and emerging economies face significant biopharmaceutical production challenges, limiting access to life-saving medicines such as Monoclonal antibodies.

Producing biopharmaceuticals in the milk of specialised goats

Bio-Sourcing is tackling challenges in the production of biosimilars with its innovative BioMilk platform, which uses gene therapy and reproductive technologies to produce biopharmaceuticals in the milk of specialised goats. This breakthrough method drastically reduces production costs and carbon footprint while increasing efficiency. Utilising CRISPR-Cas9 and nuclear transfer, Bio-Sourcing has achieved industrial breakthrough to produce 100% pure goat progeny, ensuring higher yields at lower costs. BioMilk’s technology enhances Europe’s pharmaceutical innovation and self-sufficiency, promoting re-industrialisation and economic growth while reinforcing sustainable and strategic bioproduction capabilities, especially crucial during pandemics.

Bio-Sourcing’s €12.5M EIC Award

With €12.5 million in blended finance (grant & equity) awarded by the EIC, Bio-Sourcing can scale up manufacturing capacity, complete regulatory steps, and bring the first three blockbuster biosimilars to market for EU citizens by 2027.

Bertrand remarks on the significance of their EIC award:

“This recognition is extremely important for Bio-Sourcing, not only in terms of funding but above all in terms of brand awareness. The project was very professionally appraised by the best specialists in Europe, who confirmed our choices and our strategy. It’s also very motivating for our in-house teams.”

Collaborating with Catalyze towards the success

Bertrand comments on his experience of the collaboration and support Bio-sourcing received from Catalyze throughout the EICA application process:

“Catalyze’s support throughout the EIC application process was very professional at all levels and stages. First of all, in selecting the right call for tenders and how to present our project to make it compatible with EIC criteria without compromising our objectives. Secondly, Catalyze produced initial drafts based on the information supplied by our company, which were already highly relevant and needed little correction.

“The Catalyze consultants proved to be very competent, available and flexible. They defined a planning and execution schedule without which we would not have been able to meet the deadlines. Finally, in preparing the oral phase, Catalyze’s contribution and challenge were undoubtedly decisive in securing the final grant. Catalyze’s assistance extends also to the administrative side, which is a complex and time consuming task for a young biotech.”

More about Bio-Sourcing

Bio-Sourcing is an innovative Belgian biotherapeutic-producing company with a mission to make biotherapeutics available, affordable and sustainable. The company was founded in 2014 as a spin-off from LFB, a renowned French Biopharmaceutical company. Bio-Sourcing utilises its innovative BioMilk platform technology that allows the cost-effective and sustainable production of biosimilars in the milk of genetically modified goats.

Visit their website to learn more