Irish biotech fund Malin sinks €34.5 million into Altan Pharma for second investment in two days
Irish global biotech investment fund Malin has invested €34.5m into Irish specialty pharmaceutical company Altan Pharma, its second investment announcement in as many days.
Dublin-based Malin yesterday said that it had invested $35m (€31m), and committed a further $10 million into US drug firm Melinta Therapeutics, which was its first new asset post IPO.
Malin, set up by a number of executives from Irish drugmaker Elan to invest in smaller companies which have yet to list on the stock market, raised 330 million euros in one of Europe's biggest ever life science stock market debuts in March.
The Dublin-based company, 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.
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".