IAVI

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IAVIs Brooklyn Design Laboratory/Historic Tax
Credit Transaction

• By Mike Goldrich
• Executive Vice President COO
• June 24, 2009

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IAVIs mission and approach
IAVIs 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.
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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 RD 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 gt 850M in new resources from more than 12
  governments, numerous foundations and private
  sources

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IAVI Offices and Partners
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Evolution of the IAVI Design Laboratories
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IAVI AIDS Vaccine Design and Development
Laboratory

• A Critical Partner in IAVIs Global AIDS Vaccine
  Discovery Program
• Vaccine Design Neut Ab and Control of HIV
  Problems
• Vaccine Development Prioritization, Formulation
  and Process Development

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Brooklyn Army Terminal
IAVIs Design Lab is located on the 8th floor of
the building A at the BAT
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Entrance to the Lab
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Post construction
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Post Construction
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Roof Pre-construction
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Roof During Construction
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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 BIOBATon 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
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Thank You