Malin raises EUR 302M for listed investment fund

Malin Corp. plc (ISE:MLC) raised EUR 302 million ($318 million) in an IPO on the Irish Stock Exchange through the sale of 30.2 million shares at EUR 10. Earlier this year, former executives of Elan Corp. plc launched Malin, an investment vehicle that already has agreements in place to acquire stakes in seven biotech companies for EUR 100 million ($111.9 million) (see BioCentury, March 9, 2015).

Woodford Investment Management LLP took a 19.5% stake in the fund, while the Ireland Strategic Investment Fund invested EUR 50 million ($52.7 million) for a 15.4% stake. Woodford agreed to invest an additional EUR 27.9 million ($29.4 million), subject to certain conditions, in a deal expected to close May 1. ...