Friday 24 May 2019

Malin-backed Kymab preps IPO

Photo: Stock Image
Photo: Stock Image
Donal O'Donovan

Donal O'Donovan

Kymab Group, a UK-based developer of a treatment for eczema, has kicked off a US stock market flotation in a move that is set to return cash to Irish backer Malin.

Last year - following a poor stock market performance and amid senior management changes - Malin undertook a strategic review.

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As part of that it opted to focus on four core assets, including Kymab - where it owns an 8pc stake.

Last month, another of Malin's priority investments - Poseida, which is developing a treatment for bone marrow cancer - shelved plans for a flotation. It is now tipped to be sold.

Yesterday, Kymab said it had previously confidentially submitted a draft registration statement to the US Securities and Exchange Commission for a proposed initial public offering (IPO).

Malin shares closed down 3.7pc yesterday, at €5.20 each.

Irish Independent

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