DUBLIN: Irish-headquartered biotech firm Malin has raised up to €330m in one of Europe’s biggest biotechnology IPOs, the life sciences company said on Friday, surpassing its target range of €275m-€325m.
It said that €302m will be raised through the issue of new ordinary shares on its admission to the Irish Stock Exchange’s Enterprise Securities Market on Wednesday.
The remaining €28m had been committed subject to certain conditions, mainly by its largest investor, Woodford Investment Management.
Malin, set up by a number of ex-Elan executives to invest in privately held assets, said earlier this month that leading British fund manager Neil Woodford and the Irish state’s new strategic investment fund had committed to buying around 60pc of the total estimated placing.
Over 80pc of the book consisted of long term investors including insurer Aviva and Britain’s Pension Protection Fund, a source told Reuters.
Malin has said it will invest in companies for which an initial public offering or sale is premature and provide the long term capital and industry experience it says venture capital and private equity funds cannot guarantee.
