TIDM0Y71
RNS Number : 0991T
Malin Corporation PLC
23 March 2021
Malin Corporation plc
2020 Full Year Results
-- Fair value estimate of investee companies increases to EUR412
million at 31 December 2020 and to EUR449 million at 19 March
2021
-- Several important clinical and operational milestones
achieved by Malin's investee companies during 2020
-- Malin expects the sale of Kymab to Sanofi to close in Q2 2021
which will enable the initiation of capital returns to
shareholders
Dublin-Ireland, 23 March 2021 : 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
2020.
Commenting on the results, Darragh Lyons, Chief Executive
Officer, said:
" The focus of our business strategy over the past few years has
been to protect and enhance the value of our holdings in our
investee companies, insofar as possible, while these businesses
worked towards reaching important clinical and operational
milestones. Our companies started to successfully deliver these
crucial milestones during 2020, which we believe can catalyse
investment realisation opportunities for Malin as these companies
reach optimal value inflection points. The agreed sale of Kymab to
Sanofi for consideration of up to $1.45 billion, announced in
January 2021, demonstrates this . We expect this company sale to
close during the second quarter of 2021 and following receipt of
Malin's share of the upfront proceeds of approximately $112
million, we will repay the full amount of our outstanding debt with
the EIB of EUR45 million and initiate capital returns to
shareholders. "
Fair value of investee companies
-- The aggregate fair value of Malin's interests in its investee
companies was EUR412 million at 31 December 2020, estimated in
accordance with the International Private Equity and Venture
Capital Valuation ("IPEV") Guidelines. This represents a 19%
increase compared to the last published fair value estimate at 31
August 2020. This valuation uplift is primarily due to our higher
fair value estimate for Kymab, reflecting the positive developments
in that business, and a higher mark-to-market valuation of our
investment in Poseida.
-- The aggregate fair value of Malin's interests in its investee
companies increased to EUR449 million as at 19 March 2021 primarily
driven by a higher fair value estimate for Immunocore, as a
mark-to-market valuation, following the company's successful IPO in
February 2021.
-- Malin's estimated intrinsic equity value per share at 31
December 2020 was EUR8.48, increasing to EUR9.32 per share at 19
March 2021.
Investee Company Highlights
Kymab
-- Sale of the company to Sanofi for consideration of up to
$1.45 billion (which we expect to close during Q2 2021). The
transaction will deliver initial net proceeds to Malin of
approximately $112 million, with the potential to receive up to a
further $33 million on the achievement of certain milestones.
-- Positive Phase 2a data in atopic dermatitis study, indicating
possible disease modification and differentiated therapeutic
attributes.
Immunocore
-- Positive Phase 3 clinical data for the company's lead product
candidate, tebentafusp, in metastatic uveal melanoma patients,
which should support a BLA filing for commercial approval in Q3
2021.
-- Completion of upsized Nasdaq IPO and concurrent private
placement raising gross proceeds of $312 million which followed a
$75 million Series C crossover financing round.
Poseida
-- Completion of upsized Nasdaq IPO raising gross proceeds of
$224 million which followed a $110 million Series D crossover
financing round.
Viamet
-- Positive Phase 3 clinical data from Mycovia's Phase 3 RVVC
studies which could support a commercial approval of oteseconazole
in 2021 and the initiation of cash inflows to Viamet shareholders,
including Malin.
Altan
-- 22% revenue growth and well-positioned to deliver further significant revenue growth in 2021.
Xenex
-- Independent study demonstrated technology's ability to
deactivate the virus that causes COVID-19.
-- Robots deployed in healthcare facilities across the US,
Europe and Asia with expanded customer base to various
non-healthcare settings.
Other financial highlights
-- Malin's corporate cash balance at 31 December 2020 was EUR23 million.
-- Malin expects to repay the full amount of outstanding debt
with the EIB of EUR45 million following the close of the Kymab
company sale transaction.
-- C orporate operating expenses for 2020 were EUR3.2 million, a
reduction of EUR2.5 million on 2019.
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 12:00pm 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: 0153 695 84
From the UK dial: 020 3936 2999
From the USA dial: 1 845 213 3398
From all other locations dial: +44 203 936 2999
Participant access code: 269142
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
Jessica Bergin, Investor Relations & External Reporting
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)
Bidhi Bhoma / Euan Brown
Tel: +44 (0) 20 3100 2000
Powerscourt (Irish media enquiries)
Jack Hickey / Eavan Gannon
Tel: +353 83 448 8339
malin@powerscourt-group.com
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END
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