Malin shares dip slightly despite strong progress

The Irish drug development investment company took in €160m from the sale of two of its investments

Irish drug development investment company Malin Corporation took in €160m from the sale of two of its investments, one being the company Kymab to drugs giant Sanofi.

Shares in Malin Corporation, the Irish drug development investment company, fell slightly despite its annual results showing strong progress over the past 12 months.

Malin took in €160m from the sale of two of its investments, one being the company Kymab to drugs giant Sanofi; closed the year with a corporate cash balance of €33m; returned over €95m in excess capital to shareholders, and paid off the remaining €45m in debt owed to the European Investment Bank.

'Milestones'

"The focus of our business strategy over the past few years has been to protect and enhance the value of our positions in our investee companies, insofar as possible, while these businesses worked towards reaching important clinical and operational milestones," said chief executive Darragh Lyons.

"We saw the conversion of some of the strong progress in our investee companies into tangible value creation for Malin’s shareholders during 2021 and we believe that the continued clinical, operational, and financial progress we are seeing in our investee companies can catalyse additional investment realisation opportunities for Malin in the year ahead," he said.

"In addition, we continue to evaluate strategic business opportunities and will judiciously deploy capital where we see the opportunity for the enhancement of overall shareholder returns."