Under the scheme companies that outsource antibody and recombinant protein R&D to Cobra before 2015 are eligible to receive a 30% tax credit on R&D costs of €100m and an additional 5% above this threshold.
Company CEO Peter Coleman told BioPharma-Reporter.com “The tax credit will enhance our competitive position with French R&D businesses.”
“The scheme serves as a great financial incentive to the early stage development companies whose funding arrangements would pose a much more significant challenge than larger pharmaceutical companies.”
He explained that typically clients developing a monoclonal antibody with Cobra usually spend between €1.5m-2.0m on R&D adding that “if the tax credit attracts say two new clients this could mean an additional €3-4m for Cobra.”
Development work will be done at Cobra’s mammalian antibody and recombinant protein which is our production facility in Södertälje, Sweden said Coleman who pointed out that it is not the first time the contract manufacturing organisation (CMO) has been named as a preferred provider by the French state.
“Our microbial protein, DNA and virus product production takes place at our Keele facility which is already covered by Le Crédit d’Impôt Recherche, and now our Södertälje facility can also provide mammalian antibody and recombinant protein services under the scheme.”
He added that: “Our Södertälje facility has a dedicated and experienced research and development team with fantastic equipment and facilities. We have already installed a 1000L SUB which will be ready for production in 2014. As with any additional business, Cobra will invest to support its growing order book.”