Malin Corporation PLC Malin Announces 2020 Full Year Results (0991T)

TIDM0Y71

RNS Number : 0991T

Malin Corporation PLC

23 March 2021

Malin Corporation plc

2020 Full Year Results

-- Fair value estimate of investee companies increases to EUR412 million at 31 December 2020 and to EUR449 million at 19 March 2021

-- Several important clinical and operational milestones achieved by Malin's investee companies during 2020

-- Malin expects the sale of Kymab to Sanofi to close in Q2 2021 which will enable the initiation of capital returns to shareholders

Dublin-Ireland, 23 March 2021 : 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 2020.

Commenting on the results, Darragh Lyons, Chief Executive Officer, said:

" The focus of our business strategy over the past few years has been to protect and enhance the value of our holdings in our investee companies, insofar as possible, while these businesses worked towards reaching important clinical and operational milestones. Our companies started to successfully deliver these crucial milestones during 2020, which we believe can catalyse investment realisation opportunities for Malin as these companies reach optimal value inflection points. The agreed sale of Kymab to Sanofi for consideration of up to $1.45 billion, announced in January 2021, demonstrates this . We expect this company sale to close during the second quarter of 2021 and following receipt of Malin's share of the upfront proceeds of approximately $112 million, we will repay the full amount of our outstanding debt with the EIB of EUR45 million and initiate capital returns to shareholders. "

Fair value of investee companies

-- The aggregate fair value of Malin's interests in its investee companies was EUR412 million at 31 December 2020, estimated in accordance with the International Private Equity and Venture Capital Valuation ("IPEV") Guidelines. This represents a 19% increase compared to the last published fair value estimate at 31 August 2020. This valuation uplift is primarily due to our higher fair value estimate for Kymab, reflecting the positive developments in that business, and a higher mark-to-market valuation of our investment in Poseida.

-- The aggregate fair value of Malin's interests in its investee companies increased to EUR449 million as at 19 March 2021 primarily driven by a higher fair value estimate for Immunocore, as a mark-to-market valuation, following the company's successful IPO in February 2021.

-- Malin's estimated intrinsic equity value per share at 31 December 2020 was EUR8.48, increasing to EUR9.32 per share at 19 March 2021.

Investee Company Highlights

Kymab

-- Sale of the company to Sanofi for consideration of up to $1.45 billion (which we expect to close during Q2 2021). The transaction will deliver initial net proceeds to Malin of approximately $112 million, with the potential to receive up to a further $33 million on the achievement of certain milestones.

-- Positive Phase 2a data in atopic dermatitis study, indicating possible disease modification and differentiated therapeutic attributes.

Immunocore

-- Positive Phase 3 clinical data for the company's lead product candidate, tebentafusp, in metastatic uveal melanoma patients, which should support a BLA filing for commercial approval in Q3 2021.

-- Completion of upsized Nasdaq IPO and concurrent private placement raising gross proceeds of $312 million which followed a $75 million Series C crossover financing round.

Poseida

-- Completion of upsized Nasdaq IPO raising gross proceeds of $224 million which followed a $110 million Series D crossover financing round.

Viamet

-- Positive Phase 3 clinical data from Mycovia's Phase 3 RVVC studies which could support a commercial approval of oteseconazole in 2021 and the initiation of cash inflows to Viamet shareholders, including Malin.

Altan

   --    22% revenue growth and well-positioned to deliver further significant revenue growth in 2021. 

Xenex

-- Independent study demonstrated technology's ability to deactivate the virus that causes COVID-19.

-- Robots deployed in healthcare facilities across the US, Europe and Asia with expanded customer base to various non-healthcare settings.

Other financial highlights

   --    Malin's corporate cash balance at 31 December 2020 was EUR23 million. 

-- Malin expects to repay the full amount of outstanding debt with the EIB of EUR45 million following the close of the Kymab company sale transaction.

-- C orporate operating expenses for 2020 were EUR3.2 million, a reduction of EUR2.5 million on 2019.

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.

Corporate Update Conference Call

Darragh Lyons, Chief Executive Officer, and Pat Jennings, Chief Financial Officer, will host a conference call today at 12:00pm GMT to provide an operational update. Presentation slides will be available in advance of the call on Malin's website under the Investors' section, http://malinplc.com/investors/results-centre/. This call can be accessed as follows:

   From Ireland dial:                             0153 695 84 
   From the UK dial:                              020 3936 2999 
   From the USA dial:                            1 845 213 3398 
   From all other locations dial:          [phone] 
   Participant access code:               269142 

A replay of the call will be available on the Company's website as soon as practicable.

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, please contact:

Malin

Jessica Bergin, Investor Relations & External Reporting

Tel: [phone]

[e-mail]

Davy Corporate Finance (Euronext Growth Adviser & Joint Broker)

Brian Garrahy / Daragh O'Reilly

Tel: [phone]

Liberum (Joint Broker)

Bidhi Bhoma / Euan Brown

Tel: [phone]

Powerscourt (Irish media enquiries)

Jack Hickey / Eavan Gannon

Tel: [phone]

[e-mail]

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March 23, 2021 03:00 ET (07:00 GMT)