Wednesday 18 September 2019

Lyons is new CEO at investor Malin

Malin backs life sciences firms
Malin backs life sciences firms
Ellie Donnelly

Ellie Donnelly

State-backed investment group Malin has appointed Darragh Lyons as its new CEO.

He is currently serving as chief business and financial officer at the business.

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Mr Lyons replaces Adrian Howd, who left the company in October.

At the time Malin, established to invest in innovative life sciences companies, said it would not be hiring a new CEO, and would instead look for a chief investment officer.

The group said that the value of the stakes in the companies it holds fell by 5pc in the first half of this year due to a decline in the estimated worth of its investment in Immunocore, a T cell receptor biotechnology company whose main prospect is an eye cancer drug.

Yesterday Malin said that it wass "confident" Immunocore will deliver "significant value" over time.

The group's cash balance was €31m at June 30. Mr Lyons said the group's priority assets had continued to make "good clinical progress" in the first half of the year.

Shares in Malin were trading at €2.42 yesterday, down 84pc from their peak in September 2016.

Irish Independent

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