Business Irish

Sunday 19 May 2019

State-backed Malin asset raises €126m

Malin owns around 25pc Poseida. Photo: Stock Image
Malin owns around 25pc Poseida. Photo: Stock Image
Ellie Donnelly

Ellie Donnelly

Poseida Therapeutics, an investee company of Malin, has raised $142m (€126m) in a Series C financing round.

State-backed life sciences investor Malin owns around 25pc of Poseida.

The funding was led by a $75m equity investment from Novartis Pharma.

Several new institutional investors participated alongside current investors, including Malin who invested $4m as part of the financing transaction.

Darragh Lyons, Malin chief business and financial officer, said: "Novartis' significant participation serves as additional validation of Poseida's high-quality and differentiated pipeline and technology platforms with broad utility.

"Poseida has significantly strengthened its balance sheet position and expanded its institutional investor base as the company moves into an important phase of clinical development, including initiating a registrational study for its lead product candidate and the advancement of three further programmes into the clinic.”

Mr Lyons added that Poseida is “well-positioned” to further engage with potential strategic interests.

In January this year Poseida filed for a potential initial public offering (IPO) on the Nasdaq.

At December 31 2018 Malin had assets of €404m. Malin's corporate cash balance was €43m at the end of the year, while its debt balance with the European Investment Bank was €55m, according to its annual results.

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