Malin, the Dublin-listed life sciences investment company, saw the intrinsic value of its assets slide by 79 per cent in the first half of the year as a result of the sale of its stake in biopharma company Poseida and a downgrade to its key remaining investment.
The company’s asset base fell to €41.3 million as it bought back €150 million of its own shares. This was funded by $106.5 million (€91.7 million) of initial proceeds from the Poseida sale and cash on the balance sheet from other divestments.
Malin floated in Dublin a decade ago. It is currently in gradual wind-down mode.
Malin had a 12 per cent stake in Poseida before it was bought by Swiss drugmaking giant, Roche. There is potential for as much as $47.3 million in follow-on payments, for Malin subject to Poseida’s treatments pipeline across oncology, immunology and neurology reaching certain milestones.
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Malin has applied a fair value of €12.8 million to its right to follow-on payments.
The company has also lowered the value of its 15 per cent stake in Mycovia, a US company that secured regulatory clearance in 2022 for a treatment for recurring vaginal yeast infections, from €19.1 million to €10.5 million as Mycovia experiences challenges in getting the nod to expand the use of the treatment, known as Vivjoa.
It has also lowered the value of its 10 per cent stake in Xemex, which makes germ-zapping robots, as US hospitals face financial headwinds. The stake value has been cut to €2.2 million from €2.8 million.
Malin’s last asset is the right to as much as $7 million in follow-on payments from the 2021 sale of its stake in a company called Kymab to French pharma group Sanofi. This is currently conservatively valued at €2.1 million by the Irish company.
“Beginning 2025 with the sale of Poseida represented a very significant milestone for Malin in our continuing strategy to deliver maximum value to shareholders,” said chief executive Fiona Dunlevy. “We were delighted that, through the sale of Poseida, together with the divestment of Malin’s interest in CG Oncology in mid-2024, we were able to deliver a significant capital return to shareholders of €150 million in March 2025.”
