Malin Corporation said its chief executive Fiona Dunlevy is leaving the Dublin-listed life sciences investment company as the value of its investments shrank by 80 per cent last year, largely due to the sale of its stake in biopharma company Poseida.
Chairman Liam Daniel will become executive chairman on Dunlevy’s exit, the company said in a statement.
The fair value of Malin’s stakes in investee companies was €27 million at the end of December, down from €133.5 million, driven by the Poseida sale and downward revisions to the estimated valuations of its holdings in two other companies.
Malin floated in Dublin more than a decade ago. It is currently in gradual wind-down mode and plans to return excess cash to shareholders as it continues to offload investments.
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“The leadership changes are consistent with the board’s focus on ensuring that the company’s governance and operating infrastructure aligns with the scale, complexity and activity levels of the company and its underlying investee interests,” said Daniel. “The divestment of Poseida in early 2025 followed by the significant return of capital has transitioned Malin into a new phase.”
Malin spent €150 million early last year buying back and cancelling most of its remaining shares, using proceeds from the sale of Poseida, in which it had a 12 per cent stake, its holding in a clinical-stage biopharma company called CG Oncology.
Swiss drugmaker Roche completed the purchase of Poseida a year ago, resulting in a $106.5 million (€90.3 million) upfront payment to Malin for its stake – and the potential to receive a further $47.3 million in time.
“We are committed to continuing to maximise shareholder returns from our remaining investee interests through this next phase of Malin and we will continue to update shareholders as our investee companies progress towards the achievement of their relevant milestones,” said Daniel.
Malin said its so-called intrinsic equity value was €40 million, or €9.24 per share, on February 23rd. This also includes some €12.9 million of cash on the company’s balance sheet.
