Malin boss Martin boosts stake with €625,000 share purchase
Kelly Martin, the chief executive of Irish biotech investment firm Malin, has spent €625,000 snapping up shares in the company this week.
He paid €12.50 per share, acquiring 50,000 shares in the company.
Malin shares have fallen since the summer, when they were trading at over €15 each.
The investment firm floated on the stock market last year and is backed by the state-owned Ireland Strategic Investment Fund.
A former chief executive of Elan, Mr Martin secured backing for Malin from a number of heavy-hitting investors, including British financial guru Neil Woodford, and James Goodnight, the billionaire founder of software analytics firm SAS.
Mr Martin has been actively buying shares in Malin since the summer. At the end of March he owned 2.6 million shares in the company, representing about 6.6pc of Malin's outstanding shares.
By the end of June, Malin had invested in 16 companies, including Dublin-based medical imaging firm 3D4Medical.
It had raised a total of €380m in capital, with €313m of that having been invested by the end of the first half of the year.
Among its other investments are stakes in companies including UK drug and vaccine firm Kymab; Hatteras Venture Partners; UK biotech group Immunocore; and San Diego-based Poseida Therapeutics. It has made 60pc of its investments in the UK and Ireland.
In June, Malin secured a €70m, seven-year debt facility from the European Investment Bank. Mr Martin was chief executive of Elan from 2003 until it was sold for $8.6bn (€8bn) to Perrigo in 2013. Mr Martin is estimated to have made as much as $40m (€37m) from the sale of the business.