Every day, thousands of European patients with cancer or cardiovascular diseases are treated with radiopharmaceuticals, a group of pharmaceutical drugs containing radioactive isotopes. The Netherlands is the second largest producer of medical isotopes in the world.

The Foundation Preparation Pallas-reactor (PALLAS), a Dutch government-backed independent foundation, plans to build a safe, state-of-the-art nuclear medicines research and production facility. A first-of-a-kind, privately financed, owned and operated, this facility will also be the world’s leading producer of medical radioisotopes. The project includes the design and construction of a nuclear health centre and a nuclear reactor for the production of medical treatments. The reactor will replace the current High Flux Reactor, which has been in operation for over 50 years and is approaching the end of its economic life. The total financing needed for this project is around €800 million over eight years.

With the support of the Dutch Ministry of Health and Ministry of Finance, PALLAS asked the Hub to help assess its business and financing proposals and to evaluate funding models for the new nuclear reactor. PALLAS aims to compile a solid business case to attract private financing for the construction, commissioning and operation of the reactor. The project could qualify for financing from the European Fund for Strategic Investments.

The Hub’s experts:

assessed the project’s eligibility for various financing products and programmes offered by the EIB and other public and private sources;
assessed the costs for each phase of the project and analysed the risks and their mitigants;
assessed the bankability of the project in its different phases;
reviewed and strengthened the project’s business case and provided recommendations to make it bankable, in particular by splitting private and public funding;
shared best practices and lessons learned from similar projects.

The new reactor will enable the Netherlands to treat millions of people and save lives. PALLAS will start producing medical isotopes for diagnosis, therapy and medical nuclear research in 2025.