Most shareholders and creditors of the Walloon biotech company Univercells have agreed on the main outline of a rescue plan involving a fund linked to billionaire Bill Gates, according to reports from L’Echo and De Tijd on Tuesday.
The company is facing severe financial difficulties and has been struggling for months to stay afloat. Negotiations with new investors have so far failed, leaving Univercells to operate from day to day. However, there is renewed hope spurred by the involvement of Adjuvant, a fund connected to Bill Gates, as an agreement seems to be taking shape. Most of Univercells’ shareholders have already approved the deal.
The proposed plan initially includes raising funds between €12 million and €16 million. Adjuvant would contribute one-tenth of this amount and is encouraging shareholders who have not yet agreed to participate as well.
Meanwhile, the European Investment Bank (EIB), one of Univercells’ main creditors, appears willing to make significant concessions. The need for immediate liquidity remains high, according to a source.
Should the plan be approved, the future of Univercells will be shaped under a new CEO, with founder Hugues Bultot stepping down to become a “senior advisor” for the company. Hugues Bultot declined to comment on this transition.
