Malin’s intrinsic value per share drops 36% as key investment slides

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Life sciences investment company returned €140m to investors earlier this year by way of share buyback

Malin’s estimated intrinsic value of its shares of €6.49 at the end of June compared to its last publicly disclosed value of €10.07 in mid-February. Shares in the company are currently trading in Dublin at about €4.40.

Malin, in which the Ireland Strategic Investment Fund holds an 11.3 per cent stake, will see its chief executive of four years, Darragh Lyons, leave the company next month, with leadership moving to Fiona Dunlevy, who has been company secretary for more than five years, and chairman Liam Daniel, who is becoming executive chair.

Mr Lyons oversaw a significant return of cash to shareholders while at the helm, as Malin sold down various investments. The company returned €140 million to investors earlier this year by way of a so-called tender offer share buyback, after selling its entire stake in US-listed biotech Immunicore in 2022 for €145 million.

“We currently hold cash of €31.4 million which will be used to fund the company’s operations, including the possible investment of additional capital into Malin’s remaining assets if attractive investment opportunities arise or if it is determined that additional capital will help advance the investee company towards a value inflection point or realisation opportunity,” Mr Lyons said in Malin’s interim report.

 

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