Malin in record bio-tech spend

Irish investment firm Malin has invested $80m (€73m) in UK biotechnology firm Immunocore as part of Europe’s largest ever life sciences-focused funding round.

The investment is being financed via Malin’s existing cash reserves. Chief executive Adrian Howd and director and former Elan CEO Kelly Martin will join Immunocore’s board as part of the deal.

Malin joins one of its own main backers, Woodford Investment Management, as well as Eli Lilly and RTW Funds, in a $320m financing round in Immunocore. Malin raised €330m via its initial public offering in March and has made a number of significant investments since. It represents the largest ever series A life sciences financing round ever seen in the European market.