TIDM0Y71
RNS Number : 7494E
Malin Corporation PLC
15 March 2022
Malin Corporation plc
2021 Full Year Results
-- Estimated intrinsic equity value per share is EUR8.70 at 31
December 2021 and EUR7.50 at 11 March 2022
-- Two significant investee company divestments completed at an
aggregate premium to pre-transaction book values of over 90%
-- The repayment in full of our outstanding EIB debt balance of EUR45 million
-- The return of over EUR95 million of excess capital to our shareholders
-- Several important clinical and operational milestones
achieved by Malin's investee companies during 2021
Dublin-Ireland, 15 March 2022 : Malin Corporation plc (Euronext
Growth Dublin:MLC) ("Malin", the "Company"), a company investing in
highly innovative life sciences companies, today publishes its full
year results and annual report for the year ended 31 December
2021.
Commenting on the results, Darragh Lyons, Chief Executive
Officer, said:
"2021 was a year of strong progress for Malin with two
significant investee company divestments completed at an aggregate
premium to pre-transaction book values of over 90%, the repayment
in full of our outstanding EIB debt balance of EUR45 million and
the return of over EUR95 million of excess capital to our
shareholders.
The focus of our business strategy over the past few years has
been to protect and enhance the value of our positions in our
investee companies, insofar as possible, while these businesses
worked towards reaching important clinical and operational
milestones. We saw the conversion of some of the strong progress in
our investee companies into tangible value creation for Malin's
shareholders during 2021 and we believe that the continued
clinical, operational and financial progress we are seeing in our
investee companies can catalyse additional investment realisation
opportunities for Malin in the year ahead. In addition, we continue
to evaluate strategic business opportunities and will judiciously
deploy capital where we see the opportunity for the enhancement of
overall shareholder returns. "
Estimated intrinsic equity value
-- Malin's estimated intrinsic equity value at 31 December 2021
was estimated to be EUR8.70 per share, or EUR295.7 million and is
arrived at by taking the aggregate fair value of our investee
company holdings in accordance with the International Private
Equity and Venture Capital Valuation ("IPEV") Guidelines and
adjusting this value for Malin's corporate cash.
-- Malin's estimated intrinsic equity value at 11 March 2022 was
decreased to EUR7.50 per share, or EUR254.9 million due to the
recent declines in the share prices of Malin's public biotech
holdings, Immunocore & Poseida, which are consistent with the
overall biotech market weakness.
Fair value of investee companies
-- The aggregate fair value of Malin's interests in its investee
companies was EUR263.0 million at 31 December 2021, estimated in
accordance IPEV Guidelines. The decrease in the aggregate fair
value during 2021 is largely attributable to the divestments of
Kymab and Altan during the year and is partially offset by a net
increase in the fair value of our investee companies of EUR8
million.
-- The aggregate fair value of Malin's interests in its investee
companies decreased to EUR223.8 million as at 11March 2022.
Corporate Financial Updates
-- Following two significant investee company divestments at an
aggregate premium to pre-transaction book values of over 90%, Malin
repaid the full outstanding debt balance of EUR45.0 million with
the European Investment Bank and returned over EUR95 million of
excess capital to shareholders in line with our long-standing
commitment in that regard.
o Malin's EUR95 million return of excess capital to shareholders
included EUR15.1 million of on-market ordinary share repurchases,
redeeming 2.3 million Ordinary Shares at an average price of
EUR6.53; and
o the return of EUR80.0 million to shareholders via tender offer
in December 2021, repurchasing 9.6 million shares at a price of
EUR8.30 per share.
-- Malin's corporate cash balance at 31 December 2021 was EUR33 million.
Investee Company Highlights
Kymab
-- Completed the sale of the company to Sanofi for consideration
of up to $1.1 billion and $350 million contingent upon achievement
of certain milestones.
-- This sale delivered gross upfront proceeds to Malin of $113
million, of which $105 million was received in April 2021 and a
further $2 million received in October 2021 with the remainder due
in October 2022.
-- Potential for Malin to receive up to a further $33 million on
the achievement of certain milestones.
Altan
-- Sold the company to Ethypharm on 30 September 2021. Malin
received net proceeds of EUR68.1 million.
Immunocore
-- KIMMTRAK(R) (Tebentafusp) recently approved for commercial
launch in the US with further approvals expected in the coming
months in Europe, the UK, Australia & Canada.
-- Reported promising initial data from its Genentech-partnered
program targeting the MAGE-A4 antigen and progressed its
PRAME-targeting program in its dose escalation Phase 1 study.
Poseida
-- Advanced two universal donor (allogeneic) CAR-T programs into
Phase 1: P-BCMA-ALLO1 (next generation universal donor version of
P-BCMA-101) and P-MUC1C-ALLO1 (a solid tumour target).
-- Encouraging early data from its autologous CAR-T product
candidate for metastatic castrate-resistant prostate cancer, with
further updates expected during 2022.
-- Executed a gene therapy collaboration with Takeda to
initially include up to six liver- and hematopoietic stem cell
(HSC)- directed indications with an option to add two additional
programs. The collaboration included a $45 million upfront payment
with a total potential payments to Poseida of up to $3.6
billion.
Viamet
-- Positive Phase 3 clinical data from Mycovia's Phase 3 RVVC
studies which is expected to support a commercial approval of
oteseconazole in the first half of 2022 and the initiation of cash
inflows to Viamet shareholders, including Malin.
Annual Report
Malin's annual report and further information on Malin is
available to view on Malin's website at www.malinplc.com , under
the Investors' section.
Corporate Update Conference Call
Darragh Lyons, Chief Executive Officer, and Pat Jennings, Chief
Financial Officer, will host a conference call today at 09:30am GMT
to provide an operational update. Presentation slides will be
available in advance of the call on Malin's website under the
Investors' section, http://malinplc.com/investors/results-centre/.
This call can be accessed as follows:
From Ireland dial: 01 53695 84
From the UK dial: 020 3936 2999
From the USA dial: 1 646 664 1960
From all other locations dial: +44 203 936 2999
Participant access code: 371815
A replay of the call will be available on the Company's website
as soon as practicable.
ENDS
About Malin Corporation plc
Malin (Euronext Growth Dublin:MLC) is a company investing in
highly innovative life sciences companies. Its purpose is to create
shareholder value through the application of long--term capital and
operational and strategic expertise to a diverse range of global
healthcare businesses. Malin has a focus on innovative businesses
underpinned by exceptional science and works with its investee
companies, providing strategic and financial support to enable them
to reach their value potential. Malin is headquartered and
domiciled in Ireland and listed on the Euronext Growth Dublin. For
more information visit www.malinplc.com .
For further information, please contact:
Malin
Fiona Dunlevy, Company Secretary
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
Davy Corporate Finance (Euronext Growth Adviser & Joint
Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Phil Walker / Ben Cryer
Tel: +44 (0) 20 3100 2000
Powerscourt (Irish Media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
malin@powerscourt-group.com
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