Life sciences firm Malin looking to raise €31m in new share placing

Listed group, whose backers include Ireland Strategic Investment Fund, seeks new funds

Malin had raised €407 million in equity capital as of the end of June 2017

Malin had raised €407 million in equity capital as of the end of June 2017

 

Listed life sciences company Malin, whose backers include the Irish State, is to raise as much as €31 million through a placing of new shares.

The Dublin-headquartered group established by a number of former Elan executives, said capital raised will be used for funding requirements in core investee companies.

Malin, which raised €330 million in one of the largest life science initial public offerings (IPOs) ever to take place in Europe when it listed in Dublin in March 2015, has invested more than €365 million in a portfolio of companies since it was established including Melinta Therapeutics, Novan, 3D4Medical, Altan Pharma and Immunocore.

The company said it is to conduct a placing of up to 3.5 million new ordinary shares, representing up to 8.2 per cent of the group’s issued share capital at a price of €8.88 per share.

Malin had raised €407 million in equity capital as of the end of June 2017. It recorded a €29.9 million loss on revenues of €21.6 million for the first half of last year.

The Ireland Strategic Investment Fund, a government fund aimed at supporting economic activity and employment in Ireland, is a 15 per cent shareholder in Malin, having invested €50 million in the group’s IPO.