Biopharma firm Poseida Therapeutics has kicked off a potential US stock market flotation in a move which could return cash to Malin.
The Californian firm has applied to list on the Nasdaq Global Select Market in a move which saw shares in State-backed Malin jump by 24pc yesterday.
Proceeds from the planned IPO (initial public offering) will be used to fund development of Poseida's products and to progress its clinical cell therapies in the field of CAR-T (chimeric antigen receptor T-cell) treatments.
These seek to use a patient's own immune system to battle blood cancers and tumours.
At December 31, Malin owned 23pc of the group.
Andrew Young, an analyst at Davy, said the initial proposal from Poseida indicates an intention to raise up to $115m (€102m).
"With Poseida filing for IPO on Nasdaq, Malin is one step closer to crystallising value in this key priority asset," Mr Young said.
"Given current investor interest in the space, the progress made to date by Poseida, and its upcoming milestones, we think it could list at a premium to its current implied valuation of circa $540m," he said.
The number of shares of common stock to be offered in the proposed IPO and the price range for the offering have not been determined yet.
The flotation is expected to begin after the US Securities and Exchange Commission (SEC) completes its review process.
Based in San Diego, Poseida is focused on finding cures for cancer and other diseases.
This is the second time that Poseida has applied for a possible IPO. Last year it raised approximately $150m in a private funding round led by Novartis.
Malin, headquartered in Dublin, invests in and supports life sciences companies.
The value of Malin's investments fell by 9pc to €366m last year.