Life sciences-focused investment firm Malin has invested $35m (€31m) for a minority stake in US-based drug development firm Melinta Therapeutics.

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.