Malin to return up to €80m to shareholders in buyback scheme

Irish life sciences company Malin Corporation is set to return up to €80 million to shareholders through a share buyback programme.

The company said it was proposing a tender offer at €8.30 per ordinary share, with the programme set to take place next month if the plan is approved by shareholders at an extraordinary general meeting on December 16th.

The €80 million capital return will bring the total returns to more than €95 million for the year.

The buyback comes after Malin announced on October 1st that it planned to make a significant return to shareholders before the end of the year. The life sciences company last month completed the sale of its shareholding in portfolio company Altan for €68 million,giving it a cash balance of approximately €118 million.

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"We are delighted to be delivering on our long-standing commitment to return excess capital of the business to our shareholders. This follows the significant bolstering of our cash reserves and the repayment of our debt during 2021, following the divestments of Kymab and Altan at significant premiums to their last disclosed fair value estimates.," said chief executive Darragh Lyons. "Our cash balance of approximately €36 million following the completion of the tender offer, together with expected future realisation proceeds, will enable us to exploit future value-accretive strategic business opportunities and to support our remaining investee companies through to their maximal value potential."