Malin Corporation secures €70m investment from EIB
Irish global life sciences firm Malin Corporation has secured a €70m debt facility from the European Investment Bank (EIB).
The debt facility, which will span a seven-year period, will allow Malin to increase its investment into innovation and research in the life sciences industry.
To date over 60pc of the company's existing investments have been made in the UK and Ireland and the company.
The investment will be delivered in five tranches and Malin intends to draw down the first tranche "in the near term".
Malin chief executive Kelly Martin said the debt facility was an "external vindication" of the company's business model.
"The alignment of long duration capital with substantial and demonstrated operating expertise around a broad array of life science assets provides a unique opportunity to create and unlock value.
"This loan provides Malin with additive non-dilutive capital that can then be judiciously deployed to accelerate the progression of current and prospective Malin investee companies," he said.
EIB vice president Jonathan Taylor expressed his delight in supporting the Irish company's work.
"This represents the European Investment Bank's first support for life science investment in Ireland demonstrating its commitment to ensuring that world class research can enhance effective medical treatment and improve medicine."