Malin Corporation has raised €145m through the sale of its 5% stake in British biotech company Immunocore.
This comes after Malin raised €145m through the sale of its 5% stake in British biotech company Immunocore.It said that while it retains confidence in the potential of Immunocore's technology platform, clinical pipeline and management team, Malin determined that the realisation of value at recent market prices represented an optimal value inflection point for Malin
Malin invests in highly innovative life sciences companies, including Poseida, Kymab, Viamet, Xenex and CG Oncology. In a statement today, Malin said that as part of its stated capital allocation strategy, it remains committed to returning excess capital of the business to its shareholders having taken account of the expected capital deployment and corporate spending needs of the business as well as the expected timing, quantum and probability of further capital inflows from its assets.
"Following an assessment of its capital requirements, Malin intends to return approximately €140 million to shareholders," the company said. "The remaining cash balance will be used to fund the company's operations, including the possible investment of additional capital into Malin's existing assets if attractive investment opportunities arise or if it is determined the additional capital will help advance the investee company towards a value inflection point or realisation opportunity," it added.
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