Strategic fund invests €50m ahead of Malin flotation

The Government’s investment fund aimed at supporting economic activity and creating jobs across the country has made an Irish-headquartered life sciences firm the first beneficiary of its investment programme.

The Irish Strategic Investment Fund (ISIF) is to invest €50m in Malin Corporation which will complete its €330m floatation on the Irish Stock Exchange today.

The investment is the first made by the ISIF, which is managed by the National Treasury Management Agency (NTMA), since it was formally established in December 2014.

As part of the €50m deal, Malin is to invest €150m in at least 10 Irish life sciences companies — or those with significant operations in Ireland — which will increase their combined total workforce to 200 full-time workers over the next five years.

Following Malin’s IPO, the ISIF will hold a stake of approximately 15% in the company while Woodford Investment Management, headed by UK investor Neil Woodford has also invested in the company.

The flotation of Malin — set up by a number of former Elan executives — is one of the biggest ever by an Irish life sciences firm.

The ISIF came in for criticism earlier this year when it emerged that just €181m had been invested in the nine months from May 2014, when it was announced, to the beginning of February.


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