TIDM0Y71
RNS Number : 0730Q
Malin Corporation PLC
16 February 2023
Malin Corporation plc
2022 Full Year Results and Notice of 2023 AGM
-- Estimated intrinsic equity value per share is EUR9.34 at 31
December 2022 and EUR10.07 at 14 February 2023
-- Malin generated cash proceeds of approximately EUR145 million
by selling its entire position in Immunocore
-- Proposed return of capital up to EUR140 million by way of a
tender offer that Malin has announced separately today
-- Malin's AGM will be held on 10 March 2023, immediately
following its EGM to vote on tender offer resolutions
Dublin-Ireland, 16 February 2023 : 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 2022. Malin today also announces that the Letter
from the Chairman, Notice of Annual General Meeting ("AGM") and
Form of Proxy have been issued to shareholders.
Darragh Lyons, Chief Executive Officer, said:
" We are very pleased with the progress made by the business
during 2022. 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 while these businesses worked towards
reaching important business milestones. The achievement of these
milestones by our investee companies has catalysed value
realisation opportunities for Malin. Over the past two years, we
have realised over EUR325 million of capital from our investments,
including approximately EUR145 million of cash proceeds from the
divestment of our entire 5% stake in Immunocore during 2022 at what
we determined was an optimal value inflection point for Malin. This
capital realisation underpins the proposed return of capital up to
EUR140 million to shareholders by way of a tender offer that we are
announcing separately today. "
Estimated intrinsic equity value
-- Malin's intrinsic equity value at 31 December 2022 was
estimated to be EUR9.34 per share, or EUR317.3 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 14 February 2023
has increased to EUR10.07 per share, or EUR342.4 million primarily
due to an increase in the share price of Malin's NASDAQ-listed
biotech holding, Poseida Therapeutics, Inc. ("Poseida").
Fair value of investee companies
-- The aggregate fair value of Malin's interests in its investee
companies was EUR143.4 million at 31 December 2022 compared to
EUR263.0 million at 31 December 2021. The decrease in the aggregate
fair value during 2022 is largely due to the divestment of
Immunocore during the year along with distributions received from
Viamet and Kymab. The aggregate fair value was also negatively
impacted by updated, lower fair value estimates for Malin's stakes
in Viamet and Xenex. The reduction in the aggregate fair value is
partially offset by the addition of a new investee company, CG
Oncology, in September 2022 with a $7 million investment.
-- The aggregate fair value of Malin's interests in its investee
companies increased to EUR168.8 million as at 14 February 2023 as a
result of the increase in the market share price of Poseida.
Cash Position
-- Malin's corporate cash balance at 31 December 2022 was
EUR173.9 million compared to EUR32.7 million at 31 December
2021.
-- Malin's cash balance was significantly boosted during 2022 by
EUR166.1 million of investment realisations and other inflows from
investee companies. The principal component of these inflows was
EUR144.8 million in cash proceeds generated from the sale of
Malin's entire 5% stake in Immunocore.
-- Malin's cash balance at 14 February 2023 was EUR173.6 million.
Investee Company Highlights
Poseida
-- Strategic collaboration and license agreement with Roche
announced in August 2022 focused on the research and development of
allogeneic CAR-T cell therapies directed to haematologic
malignancies utilising Poseida's proprietary genetic engineering
platforms.
-- Poseida received $110 million upfront from Roche and received
a further $35 million from Roche in October 2022 following the
successful achievement of the first clinical milestone. Poseida is
eligible to receive up to $75 million of additional near-term fees,
milestones and other payments. In addition, subject to Roche
exercising its options and contingent on achievement of specified
development, regulatory, and net sales milestone events, Poseida is
eligible to receive payments potentially up to $6.0 billion in
aggregate value, as well as tiered net sales royalties into the low
double digits, across the multiple programs.
-- Following the announcement of the Roche collaboration,
Poseida completed an underwritten public offering of shares raising
gross proceeds of approximately $80 million. Malin acquired
approximately 2.2 million shares at the public offer price of $3.50
per share for aggregate consideration of approximately $7.5
million. Malin's equity stake in Poseida following the completion
of the offering is approximately 14%.
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(R)
(oteseconazole) for the treatment of recurrent vulvovaginal
candidiasis ("RVVC") in females with a history of RVVC and who are
not of reproductive potential.
-- In November 2022, Malin received a distribution from Viamet
of approximately EUR13 million following Viamet's receipt of a
milestone payment related to the approval of VIVJOA(R) . Malin
received other distributions from Viamet of EUR0.7 million during
2022.
Kymab
-- In November 2022, Malin received approximately EUR6 million
in connection with the release of its portion of the escrow payment
on the upfront consideration payable to Malin in connection with
the sale of its shareholding in investee company, Kymab Group
Limited, to Sanofi in 2021.
-- As part of the Kymab sale, Malin could receive up to a further $33 million from its share of milestone-related contingent payments.
CG Oncology
-- Malin completed a $7 million investment in CG Oncology
("CGO") in September 2022 as part of a $120 million funding round.
CGO is a Phase 3-stage oncolytic immunotherapy company focused on
developing bladder-saving therapeutics for patients with bladder
cancer.
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.
2023 AGM
The Letter from the Chairman, Notice of Annual General Meeting
and Form of Proxy have been issued to shareholders. An electronic
copy of all documents is also available on the Company's website at
www.malinplc.com .
Malin's 2023 AGM will be held in the Conrad Dublin Hotel,
Earlsfort Terrace, Dublin 2, D02 V562, Ireland at 10:15am GMT on
Friday, 10 March 2023.
The Notice of AGM sets out the resolutions to be proposed at the
AGM and the processes by which shareholders may vote in connection
with the AGM.
In addition, a teleconference facility will be available to any
shareholders not in physical attendance at the AGM to listen
remotely to the proceedings of the meeting, using the following
details:
From Ireland dial: 01 5369584
From the UK dial: 020 3936 2999
From the USA dial: 1 646 664 1960
From other locations dial: +44 20 3936 2999
Listen-Only Access Code: 730530
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 contact:
Malin
Andrea Stafford, Head of Finance
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 (Irish Media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
malin@powerscourt-group.com
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END
FR SFFFUIEDSEIE
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February 16, 2023 02:00 ET (07:00 GMT)
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