Shares in newly-formed Irish investment firm Malin closed up 6% at the end of its first day’s trading in Dublin yesterday.

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, an Irish company set up by a number of former Elan executives to invest in privately held life science assets, plans to raise between €275m and €325m in one of Europe’s biggest biotechnology IPOs.

US drugmaker Perrigo moved a major step closer to acquiring Dublin-headquartered biotech firm Elan yesterday with shareholders in both companies approving the takeover at separate investor meetings.

Irish biotechnology company Elan is to be bought by Perrigo — the leading maker of generic over-the- counter drug products in the US — for $8.6bn (€6.5bn).

Elan has warned its shareholders that they could stand to receive little or no financial reward if US firm, Royalty Pharma succeeds in its attempt to buy the company.

Elan has rejected Royalty Pharma’s near €7bn takeover approach, saying the offer substantially undervalues the company and doesn’t account for the Irish firm’s future prospects.

Elan has said it will consider any credible takeover proposal made to the company, but noted “the heavily conditional nature” and “highly opportunistic timing” of Royalty Pharma’s announcement that it has made an indicative proposal to buy the biotech firm for $6.6bn (€4.97bn).

By the end of the year, Elan should have a clearer idea if its most prominent in-trial treatment for Alzheimer’s disease has a commercial future.

ELAN is hoping to double its share of the multiple sclerosis treatment market, — through its headline drug, Tysabri — to 20%, within the next four years.