Institut Pasteur De Dakar in $45 Million Project Financing for Vaccine Production in Africa

Cleary Gottlieb is representing VaxSen, a wholly owned subsidiary of the Institut Pasteur de Dakar non-profit foundation (“IPD”), in a $45 million project financing by the International Finance Corporation (“IFC”), the U.S. International Development Finance Corporation (“DFC”) and the African Development Bank (“AfDB”).

The project consists of the development and operation of a large-scale, state-of-the-art manufacturing facility for the production of vaccines for neglected epidemics that are prevalent in Africa. This project is designed to help address the critical supply gap of vaccines in Africa by boosting vaccine manufacturing capacity. It aims to strengthen the resilience of the region health systems and supply chain, and to reduce the African continent’s dependence on imports of vaccines, in line with the African Union’s Vision 2040.

This assignment is part of a broader collaboration between IPD and Cleary Gottlieb regarding the development of this major vaccine manufacturing center known as “Madiba”. Cleary Gottlieb has advised IPD in connection with grants and financings from various development financial institutions. The Firm has also advised IPD on a pro bono basis on several aspects of the development of the project, including assisting with certain technology and partnership agreements with international partners.

The signing of the transaction was announced on December 13, 2024, with first disbursement expected in 2025 subject to the satisfaction of certain conditions precedent.