Tuesday 22 October 2019

Embattled fund manager Neil Woodford sells bulk of his firm's stake in Malin

Neil Woodford. Photo: Jonathan Atkins
Neil Woodford. Photo: Jonathan Atkins
John Mulligan

John Mulligan

Embattled fund manager Neil Woodford has sold the bulk of his firm’s stake in Irish life sciences investment firm Malin, sources have confirmed.

Shares in the Irish company – itself beset last year with concerns over its strategy and costs – soared as much as 26pc in Dublin.

Woodford Investment Management held a near 23pc stake in Malin prior to the share sale. Darragh Lyons, the chief executive of Malin, has been laying the groundwork with Malin investors in recent weeks for the sale of the Woodford stake.

During the summer, Neil Woodford was trying to shift out of illiquid investments after freezing redemptions from his LF Woodford Equity Income Fund in June.

Woodford Investment Management proposed earlier this year to sell its stakes in some private pharma companies to Malin in exchange for shares in the publicly listed life sciences company. The proposal was rejected, however.

The other major shareholders in Malin include the State’s Ireland Strategic Investment Fund, with a near 11pc stake.

Malin’s market capitalisation this afternoon is €179m.

Releasing interim results earlier this month, Malin said the aggregate fair value of its interests in its investee companies was €385m.

PA Media

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