Irish biotech fund Malin looks for full portfolio by year end
Published 12/06/2015 | 02:30
Irish global biotech fund Malin, which raised €330m in an IPO earlier this year, said it aims to have identified a full asset portfolio within the next 12 months.
The Dublin-based firm made its second investment announcement in as many days yesterday, sinking €34.5m into Irish specialty pharmaceutical company Altan Pharma in exchange for a 65pc stake of the business.
Malin, which counts Woodford Investment Management and insurer Aviva among its shareholders, will enter the injectable drug market with Altan, which it said had acquired a privately held group of Spanish injectable drug firms for €87.5m.
Earlier this week Malin announced that it had invested €31m and committed a further €9m to US-based Melinta Therapeutics, which is developing novel treatments for bacterial infections, including an antibiotic, delafloxacin, currently in Phase Three development.
Prior to its initial public offering, Malin had committed €100m to seven firms, from a US disinfection technology company to a pan-African distributor, with a further €130m promised subject to contingent commitments being met.
This brings the total number of investments made by the fund to nine. The fund is aiming to have a total asset portfolio of between 10 and 12 investments, and a spokeswoman for the company told the Irish Independent that it expects to have a full portfolio identified within the next year.
She said: "we are close to the 10-12 assets that we originally said we would like to have within Malin.
"There will be more assets following on from the one announced yesterday and we would be looking to have those 10-12 assets identified over the next 12 months."
Regarding yesterday's announcement Malin chairman John Given said that Altan offers the investment fund "significant exposure to the fast growing injectable drug market which is also benefiting from the increasing demand for generic drugs".
Guillermo Herrera, chairman and chief executive officer of Altan Pharma, added that he firm is "delighted with the long-term commitment from Malin".
Malin is an offshoot of life sciences strategic management company Brandon Point Industries, set up by Elan boss Kelly Martin last January.
Malin was established by a number of former executives of Irish pharmaceutical firm Elan, which was sold for over €6bn in 2013. These include Mr Martin and former chairman Bob Ingram.
Three sovereign wealth funds, as well as US billionaire James Goodnight and the Irish Strategic Investment Fund, have stakes in the business.