Malin sees value of investments jump 21%

Malin Corporation, the Dublin-listed life sciences investment company, saw its equity value per share jump by 21 per cent over the summer months as the value of its holding companies rose. In a trading statement, the company said that as of September 5th its equity value per share stood at €9.08, up from €7.50 in March.

The increase “was attributable to increases in the public market share prices of [investee companies] Immunocore and Poseida over the summer months, buoyed by good execution and progress from both companies, and supported by a broader biotech market improvement,” it said.

Immunocore’s drug Kimmtrak, used in the treatment of eye cancer, received FDA approval during the period.

In August, Malin acquired an additional 2.2 million shares in Poseida for $7.5 million (€7.4 million). Malin’s corporate cash balance as of June 30th stood at €27.9 million.

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“We continued to advance the execution of our business strategy during the first half of 2022, while our investee companies achieved some important clinical, operational and transactional milestones,” said chief executive Darragh Lyons.

“While the volatility and weakness in biotech public equity markets continue, we have seen an improvement in the share prices of both of our public company holdings, Immunocore and Poseida, in recent months, buoyed by the achievement of some notable strategic and operational milestones by both companies,” he said.

A Davy investor note said: “There has been good progress made by its holdings in terms of achieving milestones and completing fundraisings. There are opportunities to add new investments.”