Malin Irish Stock Exchange IPO a Success
The life sciences company Malin, based in Ireland, was successfully floated on the enterprise securities market (ESM) of the ISE at the end of last month. Raising €330M in the process, it goes down in history as one of the biggest ever initial public offerings in the life science sector in Europe. Malin was started by a group of former Elan executives as a vehicle for investing in private sector life science assets and currently has its sights set on 7 firms that it believes will benefit from the unique blend of long-term capital and industry know-how that it has to offer. Leading the board of directors at Malin, someone who was undoubtedly a pivotal figure behind the IPO, is CEO Dr Adrian Howd, who worked together with former Elan CEO G. Kelly Martin as a partner at Brandon Point Industries Limited.
The backing Malin received from billionaire investors such as James Goodnight and Peter Loscher, in addition to the stakes taken by several sovereign wealth funds during last month’s IPO, certainly helped to ensure that the offering was a resounding success and the founders of the company shared in the celebrations as they were awarded shares worth over €12M during the flotation. If Malin succeeds in hitting share price targets set for the next 3-5 years, both founders and staff are set to receive another 8.5% of the total equity as a reward for their efforts. Malin is based in the seaside town of Dun Laoghaire, County Dublin, where it benefits from the low tax, corporate friendly environment provided by the Irish government, with branch offices in Connecticut and North Carolina, USA.
Creating Value for Shareholders
John Given, chairman of the Irish medical investor group, said that he believed the combination of Irish and global investors will help Malin to build an internationally significant life sciences company, creating real value for its shareholders in the process. The seven companies which the group is initially backing will be receiving €100m in funding, with the possibility of up to €130 more if Malin takes up future investment options with these companies.
Other Life Science News
The life science sector has a broad appeal to many companies and investors at the moment, with announcements such as the one from GE Healthcare on Monday concerning the launch of its Cardiff-based life science village, becoming a common occurrence. This “innovation village” is intended to nurture the development of new businesses and ideas in the health technology sector – an area in which GE Healthcare has an obvious interest.
On the other side of the Atlantic, the life science sector is truly massive. A prime example of the money involved is the biotech giant Gilead, which was worth a mere $400M 20 years ago. As of the end of March this year, that figure had risen to a staggering $150 billion.
If Malin is able to emulate the spectacular growth enjoyed by some of its counterparts in the USA, there is no doubt that founders, staff and shareholders will be delighted.rthits cardiffoundersr sclerosis – wheeas