Malin Corporation PLC Altan Pharma to be acquired by Ethypharm (3978C)
18 Junho 2021 - 8:30AM
UK Regulatory
TIDM0Y71
RNS Number : 3978C
Malin Corporation PLC
18 June 2021
Malin Corporation plc
Altan Pharma to be acquired by Ethypharm
-- Malin will receive approximately EUR68 million from the sale of Altan
-- Malin expects to make a significant return of capital to
shareholders following the close of the Altan sale, expected during
the second half of 2021
Dublin-Ireland, 18 June 2021 : Malin Corporation plc. (Euronext
Growth Dublin:MLC) (Malin), a company investing in highly
innovative life sciences companies, today announces that its
investee company subsidiary, Altan Pharma (Altan), has entered into
a definitive agreement with Ethypharm, pursuant to which Ethypharm
will acquire all outstanding shares of Altan.
Malin owns approximately 65% of the issued share capital of
Altan and the sale of Altan will deliver net proceeds to Malin of
approximately EUR68 million after the repayment of Altan's net debt
and the payment of transaction related costs.
The closing of the transaction, which is subject to competition
authority filings, is expected during the second half of 2021.
Jefferies International Limited acted as the sole financial advisor
to Altan on the transaction.
Following this announcement, Malin's estimated fair value of its
investment in Altan has increased to approximately EUR68 million
(equates to approximately EUR1.52 per Malin share). This represents
a 13% premium to the last disclosed estimate of the fair value of
Malin's investment in Altan of EUR60.4 million at 19 March
2021.
Malin expects to use the net proceeds received from the sale of
Altan, along with cash on hand, to undertake a significant return
of capital to shareholders post the close of this transaction.
Further details of the timing and mechanism of the return will be
communicated when the Altan transaction closes.
Commenting on the transaction, Darragh Lyons, CEO of Malin and
Chairman of Altan, said : "The sale of Altan is another very
significant milestone for Malin in our continuing strategy to
deliver maximum value to shareholders. This transaction, which
comes only two months after the completion of the sale of Kymab to
Sanofi, further demonstrates our commitment to catalysing
investment realisation opportunities as our investee companies
reach optimal value inflection points. Having already repaid our
EUR45 million of EIB debt in full and with current cash on hand of
approximately EUR60 million, we expect the additional capital from
the sale of Altan to enable a significant capital return to
shareholders before the end of 2021."
A copy of Ethypharm's press release is available in the
company's newsroom .
This announcement contains inside information for the purposes
of the Market Abuse Regulation (EU) No 596/2014 (MAR).
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
About Altan Pharma
Altan is a specialty pharmaceutical company that develops,
manufactures and markets injectable medications for the hospital
and other provider segments. Altan is a premier, global injectable
drug company that is committed to improving patient care by
providing specialty medications of superior quality and value for
the benefit of patients and caregivers. For the financial year
ended 31 December 2020, Altan generated revenue of EUR41 million
and incurred a loss before taxation of EUR1 million. For more
information visit www.altanpharma.eu
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
Tel: +353 83 448 8339
malin@powerscourt-group.com
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