Malin to raise €330m via IPO

Malin, the Irish-backed investment firm targeting privately-owned life-science companies, has surpassed its initial funding hopes, by raising up to €330m in what is being viewed as one of Europe’s largest ever IPOs for the life sciences market.

Malin to raise €330m via IPO

The newly-formed company, backed by former Elan executives, last month announced its intention to raise between €275m and €325m via an IPO. Yesterday, the company – which has been formed out of south Dublin-based firm Brandon Point Industries, which is run by former Elan executive John Given – announced that it has successfully raised up to €330m via committed gross proceeds of €302m and up to €28m of additional investment commitments.

The company, which intends to invest in lifescience firms who see trade sales or IPOs as premature moves, will have just over 30.2 million new ordinary shares, at a price of €10 per share admitted to the Irish Stock Exchange’s secondary market, the ESM, next Wednesday.

“Malin can now deploy capital to our operating businesses and we are excited about future opportunities that will now arise with the completion of the placing,” commented chief executive, Dr Adrian Howd.

Elan’s former chief executive, Kelly Martin and its ex-chairman, Bob Ingram, will sit on the Malin board.

Malin’s investors are Irish, British and global. Its cornerstone backers; the UK-based Woodford Investment Management (WIM) and the Ireland Strategic Investment Fund will hold respective stakes of 19.5% and 15.4% in the venture. Additional investment from WIM will boost its share to 28%.

John Given – Malin’s chairman – said the alignment of Irish and international investors “will help us achieve our goal of creating value for shareholders by building a globally significant life sciences company, with world class scientific and business leadership from our Irish base”.

Malin’s headquarters will be based in Dublin, with secondary offices in Connecticut and North Carolina.

The company has already identified and entered into acquisition and investment agreements with seven companies.

An initial €100m of investment will cover these, with up to €130m more available in follow-on investment options. Malin will also seek to make some additional acquisitions and investments after its flotation, the company said yesterday.

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