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Malin Corporation PLC Altan Pharma to be acquired by Ethypharm

18/06/2021 12:30pm

UK Regulatory (RNS & others)


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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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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June 18, 2021 07:30 ET (11:30 GMT)

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