Malin Corporation considering secondary share listing in London

Malin Corporation considering secondary share listing in London

By Geoff Percival

Irish drug development investment company Malin Corporation is looking to take a second share listing — with the London Stock Exchange the most likely location — in a bid to grow its investor base.

The company invests in life science and biotechnology companies and counts UK-based fund manger Woodford Investment Managers, the Ireland Strategic Investment Fund (ISIF) and former Elan executives as backers.

“We are considering the possibility of a dual market listing for Malin, potentially in the UK, to increase exposure of our assets to global investors and to improve liquidity,” said chief executive Adrian Howd in an update to shareholders.

Malin raised around €330m, in 2015, when it floated on the junior market of the Irish Stock Exchange, in what was seen as one of the biggest ever biotechnology sector IPOs in Europe. The company has current cash reserves of €45m and closed 2017 with its total investment portfolio valued at around €401m.

“Our portfolio is maturing well. We have five assets with clinical proof-of-concept data and six that are revenue generating.

“We believe the maturation of our assets is set to accelerate in 2018 and 2019. Since our IPO over 1,000 people in clinical studies have received innovative, potential new medicines, developed by Malin’s investee companies,” said Mr Howd.

Meanwhile, Irish-listed orphan drug developer Amryt Pharma has reported revenues of €12.8m for 2017, up from €1.48m the previous year. Revenues from Lojuxta — its treatment for a life-threatening disorder which causes abnormally high levels of so-called ‘bad’ cholesterol — grew 65% to €11.9m.

Amryt is also upbeat about the Phase-3 trial chances of its AP101 development, seen as a possible treatment for rare skin condition Epidermolysis Bullosa (EB), and is evaluating additional market opportunities for the drug.

The company has also signed an in-licence agreement with UCD for a non-viral gene therapy platform technology, which will offer potential treatment for EB sufferers.

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