TIDM0Y71
RNS Number : 8297I
Malin Corporation PLC
07 December 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014.
Malin Corporation plc
Business Updates
-- Malin has sold down its entire position in Immunocore
generating aggregate proceeds of approximately EUR145 million
-- Malin expects to complete a capital return to shareholders of
approximately EUR140 million via a tender offer to be launched by
the end of February 2023
-- Malin's estimate of its intrinsic equity value per share at 6
December 2022 is EUR9.27 per share
Dublin-Ireland, 7 December 2022: Malin Corporation plc.
(Euronext Growth Dublin:MLC) ("Malin", the "Company"), provides the
following business updates.
Sale of Malin's 5% stake in Immunocore
Malin is pleased to announce that it has completed the
divestment of its entire stake in Immunocore in the market at an
average price of approximately $59 per share, generating total cash
proceeds of approximately EUR145 million. This includes the
divestment of the 380k shares sold during August 2022 and
previously reported in Malin's interim financial results in
September 2022. Malin generated a 90% gain on its total capital
invested in Immunocore of approximately EUR77 million.
While Malin 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.
Current Cash Position
Malin's current cash balance is EUR174 million. The primary
movements in the Company's cash balance in the period since 5
September 2022 (Malin's 2022 Interim Report) are set out below:
EUR'm
Cash at 5 September 2022 40
------
Proceeds from sale of Immunocore
shares 124
------
Viamet milestone payment received 13
------
Kymab escrow payment received 6
------
Corporate OpEx, litigation costs
& working capital movements (2)
------
Investment in CG Oncology (7)
------
Cash at 6 December 2022 174
------
Further details on the investee company-related cash movements
are provided in the Investee Company Updates section below.
Capital Return
As part of its stated capital allocation strategy, Malin remains
committed to returning excess capital of the business to our
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 our assets. Following an assessment of its capital
requirements, Malin intends to return approximately EUR140 million
to shareholders. 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.
Malin's board has concluded that a tender offer will be used as
the mechanism to return the capital to shareholders and intends to
launch such on offer in February 2023. The terms of the tender
offer have not yet been determined. The tender offer will be
conditional on the approval of shareholders at a general meeting.
Details of the tender offer will be announced in conjunction with
the publication of a notice of an extraordinary general meeting
which is expected to be published in February 2023.
Updated Intrinsic Equity Value per share
Estimated intrinsic equity value is calculated using our
estimate of the fair value of our investee company holdings in
accordance with International Private Equity and Venture Capital
Valuation ("IPEV") guidelines and adjusting this value for Malin's
cash balance, and has been presented below as at 6 December 2022.
For further information on the basis of our IPEV fair value
estimates, please refer to our Interim Financial Statements at 30
June 2022.
6 December 5 September 30 June
2022 2022 2022
Malin
% holding EUR'm EUR'm EUR'm
----------- -------- ------------ --------
Poseida 14% 54 41 24
----------- -------- ------------ --------
Immunocore - - 110 89
----------- -------- ------------ --------
Kymab - 6 11 11
----------- -------- ------------ --------
Viamet 15% 51 80 80
----------- -------- ------------ --------
Xenex 11% 13 16 16
----------- -------- ------------ --------
CG Oncology 2% 7 - -
----------- -------- ------------ --------
Other - 10 10 11
----------- -------- ------------ --------
141 268 231
----------- -------- ------------ --------
Corporate Cash 174 40.4 28
----------- -------- ------------ --------
Estimated intrinsic
equity value 315 309 259
----------- -------- ------------ --------
Estimated intrinsic
equity value per
share EUR9.27 EUR9.08 EUR7.61
----------- -------- ------------ --------
Investee Company Updates
Poseida
Poseida is advancing its fully allogeneic (or universal donor)
CAR-T portfolio and will present early but encouraging clinical
data from both the BCMA and MUC1-C programs at the European Society
for Medical Oncology Immuno-Oncology (ESMO I-O) 2022 Annual
Congress taking place later this week. Poseida has de-prioritised
its only remaining autologous program, P-PSMA-101, and has stopped
enrollment in the Phase 1 trial.
Poseida is also progressing its gene therapy collaboration with
Takeda and its cell therapy collaboration with Roche and achieved
the first clinical milestone under the Roche collaboration of $35
million in September 2022.
Malin has estimated the fair value of its 14% stake in Poseida
based on the market price of Poseida's shares on 6 December
2022.
Kymab
Kymab was sold to Sanofi in April 2021 for an upfront payment of
approximately $1.1 billion and up to $350 million of contingent
payments upon the achievement of certain milestones. Malin received
the final portion of its escrow payment on the upfront
consideration of approximately EUR6 million in November 2022.
Malin's remaining fair value estimate for its Kymab position of
EUR6 million at 6 December 2022 is based on a probability-adjusted
discounted cash flow model of Malin's portion of the contingent
milestone payments.
Viamet
In April 2022, Mycovia, the successor company to Malin's
investee company Viamet, announced the approval from the United
States Food and Drug Administration (FDA) of VIVJOA (oteseconazole)
for the treatment of RVVC in females with a history of recurrent
vulvovaginal candidiasis (RVVC) and who are not of reproductive
potential. In November 2022, Malin received a milestone payment
related to the approval of this drug of approximately EUR13
million.
Malin has engaged closely with Mycovia in recent months to
understand and quantify the commercial implications of the drug
being contraindicated in females of reproductive potential and in
pregnant women, as well as the possible future regulatory and
commercial strategies that may be pursued by Mycovia to extend the
targeted patient population. Malin has re-estimated the timing,
quantum and probability of its expected inflows, resulting in a
decrease in the fair value estimate of approximately EUR16 million.
Taken together with the EUR13 million reduction in the Viamet fair
value estimate following the receipt of the milestone payment in
November 2022, Malin's fair value estimate for Viamet has decreased
by approximately EUR29 million to EUR51 million at 6 December
2022.
Xenex
Malin has re-estimated the fair value of its position in Xenex
based on current market conditions resulting in a EUR3 million
reduction in the fair value estimate.
CG Oncology
Malin completed a $7 million investment in CG Oncology ("CGO")
in September 2022 as part of a $120 million Series E funding round.
CGO is a Phase 3-stage oncolytic immunotherapy company focused on
developing bladder saving therapeutics for patients with bladder
cancer. With continued clinical progress, Malin expects CGO to
attract significant near-term strategic and investor interest and
determined that the risk, maturity timeline and value profile of
the investment was aligned with the existing assets of Malin.
S
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 Listing Sponsor &
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 (Media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
malin@powerscourt-group.com
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