Led By Ex-Elan Execs, Malin Rakes in $350 Million and Looks to Invest in Viamet, Novan Therapeutics
March 25, 2015
By Alex Keown, BioSpace.com Breaking News Staff
Malin PLC, a newly established Irish medical investor group which has its roots in Elan Corporation PLC , has picked up $350 million in its initial public offering, the Triangle Business Journal reported Wednesday.
As of Wednesday the company is trading on the ESM market of the Irish Stock Exchange, under the ticker “MLC”.
Malin intends to build a stable of assets across the life science sector and include a wide range of interests, such as therapeutics, devices and diagnostic market segments.
According to filing documents, Malin’s plans are to “apply its long term capital and proven operational and strategic expertise to a select number of private life science companies. The company will acquire majority or significant minority equity positions in private, pre IPO, pre trade sale operating businesses in the life sciences industry with post-investment valuations in the $10 million to $250 million range.”
In its filing the company said it will work with the companies it invests in to enable them to “reach the full potential of their value proposition and to achieve commercial and sustainable success wherever possible.”
Malin has already entered into acquisition and investment agreements or binding heads of agreement with seven companies, according to filing documents.
Those companies Malin plans to fund with its initial offering include Viamet, a small molecule drug development platform targeting metalloenzymes; therapeutic applications include dermatology, women's health and multiple orphan/rare diseases; Xenex, an automated robotic disinfection device that is effective against a wide range of bacteria and viruses associated with hospital acquired infections; Novan, a nitric oxide based drug development platform with broad therapeutic applications.
The company’s lead product candidate is in late-stage clinical development in the field of dermatology; and Serenus, a Pan-African biopharmaceutical commercial and distribution platform.
The investment monies will be used to acquire interests in the initial seven operating companies, in order to fund their future development, to make a number of future acquisitions and investments and to provide working capital, Malin said in its filings.
Malin will maintain offices in Dublin, Ireland with subsidiary offices located in New Haven, Conn. and Raleigh, N.C., which is near two of the seven companies Malin is currently backing, Viamet and Novan Therapeutics. The Research Triangle Park area outside of Raleigh is home to a growing number of biotech companies.
Malin has roots in Irish biotech firm Elan Pharmaceuticals. Executive Director Darragh Lyons worked in the finance division of Elan and Non-Executive Director G. Kelly Martin was chief executive officer at Elan.
Some of Malin’s financial backers include Woodford Investment Management, ISIF, Reedy Creek Investments, UK Pension Protection Fund, Aviva and Brandon Point Enterprises 5 Limited.
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