Malin completes sale of stake in Altan pharma for €68m

Altan, which employs 250 people, manufactures and markets injectable medications

Altan  currently markets over 40 medications used in pain and anaesthesia, epilepsy, oncology, anti-infectives, cardiovascular and gynaecology. Photograph: IStock

Altan currently markets over 40 medications used in pain and anaesthesia, epilepsy, oncology, anti-infectives, cardiovascular and gynaecology. Photograph: IStock

 

Dublin-listed Malin has completed the sale of its shareholding in portfolio company Altan for €68 million.

Malin owned about 65 per cent of the issued share capital of the speciality pharmaceutical company, which was acquired by Ethypharm.

The life sciences company acquired its shareholding in Altan after investing €34.5 million in June 2015.

Altan, which employs about 250 people, manufactures and markets injectable medications for the hospital and other provider segments. It currently markets over 40 medications used in pain and anaesthesia, epilepsy, oncology, anti-infectives, cardiovascular and gynaecology. The company was founded in 1998 and is led by Guillermo Herrera.

Following the completion of the Altan sale, Malin has a cash balance of approximately €118 million. Malin said it intends to initiate a significant return of capital to its shareholders before the end of this year with the intention of returning the majority of current cash.

The board of the company has concluded that a tender offer will be used as the mechanism to return this capital, and work on the preparatory steps is underway.

The precise amount of capital to be returned and the terms of the tender offer will be determined following an evaluation of strategic business opportunities and related cash needs.

The tender offer will be conditional on the approval of shareholders at a general meeting. Details of the tender offer will be announced in conjunction with the publication of a notice of general meeting which is expected to occur before the end of the year.