Irish investment fund Malin, which recently completed one of Europe's biggest biotechnology IPOs, has fulfilled the conditions needed to secure a €28m investment from one of the UK’s most senior investors, Neil Woodford.
Dublin-based Malin announced earlier this year that it had raised €330m in a placing on the Irish stock market's junior exchange. At the time of the announcement the company had raised €302m from its placing and had secured a commitment of €28m of additional investment.
Malin has now fulfilled the conditions needed for the investment, most of which was pledged by Woodford Investment Management, where Neil Woodford is head of investment management.
Mr Woodford has topped British performance investment tables last year. He also previously ran one of the largest funds in Britain, the Invesco Perpetual High Income fund.
Malin employs around 15 people between its offices in Ireland and the US.
The company is an offshoot of life sciences strategic management company Brandon Point Industries, set up by Elan boss Kelly Martin last January.
Malin was established by a number of former executives of Irish pharmaceutical firm Elan, which was sold for over €6bn in 2013. These include Mr Martin and former chairman Bob Ingram.