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IAVI’s Brooklyn Design Laboratory/Historic Tax Credit Transaction. By Mike Goldrich Executive Vice President & COO June 24, 2009. IAVI’s mission and approach . IAVI’s mission is to ensure the development of safe, effective, accessible, preventive HIV vaccines for use throughout the world.
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IAVI’s Brooklyn Design Laboratory/Historic Tax Credit Transaction By Mike Goldrich Executive Vice President & COO June 24, 2009
IAVI’s mission and approach IAVI’s mission is to ensure the development of safe, effective, accessible, preventive HIV vaccines for use throughout the world. Partnership is a core IAVI principle. We work closely with governments, scientists, and communities in low- and middle-income countries.
IAVI Today Fully integrated vaccine research and development effort Over 225 full time staff operating in 25 countries with regional offices in Amsterdam, Johannesburg, Nairobi, and New Delhi A (growing) global research laboratory program working with over 40 R&D organizations and 500 staff in partner organizations Trials conducted in 12 countries and on 4 continents Six novel vaccine products moved into human clinical trials in six years and a seventh just approved Raised > $850M in new resources from more than 12 governments, numerous foundations and private sources
IAVI AIDS Vaccine Design and Development Laboratory A Critical Partner in IAVI’s Global AIDS Vaccine Discovery Program Vaccine Design: Neut Ab and Control of HIV Problems Vaccine Development: Prioritization, Formulation and Process Development
Brooklyn Army Terminal IAVI’s Design Lab is located on the 8th floor of the building A at the BAT
The IAVI experience • Challenges • These are complex transactions • Our first transaction (New Markets) had one equity investor (US Bank) and two tax credit allocatees (UFA and Greystone) • Our second transaction (Historic and New Markets) was layered on top of the first deal, with multiple parties: equity investor and tax credit allocatee (Bank of America), the developer of the BIOBAT (Phase 3 Properties), and the BIOBAT (joint NYC EDC and NY State entity) • Our project had to be consistent with the Historic regulations • Timing----our Historic transaction had to close before we moved into Laboratory • There were a number of issues outside of our control: • The larger Historic transaction and business agreement for the BIOBAT—on which our deal depends • Lessons Learned • These transactions can be important sources of additional revenue---and can be a ‘win-win’. But are resource intensive (management time, legal expenses) • Have expert advisors to held navigate the regulations and documentation • The more the participants can understand the key transaction points (documentation, risks, commitments) early in the process---the better