Ex-IDA chief executive throws in with €330m Malin fund
The former chief executive of the IDA has been named as a non-excutive director with Irish life sciences fund Malin, which recently raised €330m in one of Europe's biggest biotech IPOs.
Kieran McGowan headed up IDA Ireland from 1990 to 1998. He is also the former chairman of CRH, Ireland's biggest company, and a former non-executive director of Irish Life & Permanent Group Holdings.
Mr McGowan is just one of the high-profile individuals who has thrown support behind Malin since it was founded mere months ago.
The company was established by a number of former executives of Irish pharmaceutical firm Elan, which was sold for over €6bn in 2013.
Malin raised €330m when it debuted on the ESM market for smaller companies last month. The Dublin-based company beat its target IPO range of €275m-€325m to raise €330m, topping the £200m UK firm Circassia raised a year ago in the biggest London market biotech debut in years.
It has secured several high-profile investors including US billionaire James Goodnight former Siemens CEO Peter Loscher and Canada's wealthy Tory family. Also among the investors is the Ireland Strategic Investment Fund. The State body has sunk €50m into the firm for a 15pc stake, making it the second largest shareholder.
Malin has €90m worth of investments in seven companies lined up, with a further €130m promised subject to contingent commitments being met.
It will also invest another €100m in a further three to five other biotech or devices companies over the nine to 12 months.