Sunday 20 January 2019

Malin investee company applies for potential IPO in the US

Photo: Stock Image
Photo: Stock Image
Ellie Donnelly

Ellie Donnelly

State-backed life sciences investor Malin said its investee company Poseida Therapeutics has filed for a potential initial public offering (IPO) on the Nasdaq’s Global Select Market.

Malin owns 33pc of Poseida.

The number of shares of common stock to be offered and the price range for the offering in the US-based clinical-stage biotechnology company have not yet been determined.

In separate news, Malin has said that Immunocore has appointed Bahija Jallal as CEO and director of the company’s board.

Malin owns approximately 10pc of Immunocore, a UK-based T Cell Receptor (TCR) biotechnology company focused on delivering biological therapies.

Bahija Jallal joined from AstraZeneca where she was president and head of its global biologics research and development unit, MedImmune.

During her time at MedImmune, she oversaw growth in the AstraZeneca biologics pipeline across a range of disease areas. 

"Bahija Jallal's appointment as CEO of Immunocore strengthens the company's  management team and signals that it is entering a period of significant clinical and commercial maturity," Jean-Michel Cossery, director of Malin and Malin's Immunocore board designate, said.

According to Davy Stockbrokers analyst Andrew Young both announcements represent on-going progression in Malin’s priority asset base.

"The Poseida news is consistent with our view of a 2019 sale/IPO of the asset – we think a sale/listing could amount to €1bn by December 2019," Mr Young said.

"Given Malin’s 33pc stake in the asset, its return could be significant – equating to more than its current market cap."

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