REG - Malin Corp PLC - Completion of sale of Kymab

Sanofi SAAnnouncement

09/04/2021 09:00

RNS Number : 8920U
  
Malin Corporation PLC
  
09 April 2021
  
 

Malin Corporation plc
 
Completion of sale of Kymab
 
Dublin-Ireland, 9 April 2021: Malin Corporation plc. (Euronext Growth Dublin:MLC) ("Malin" or "the Company"), a company investing in highly innovative life sciences companies, today announces the completion of the previously announced sale of its investee company, Kymab, to Sanofi, for an upfront payment of approximately $1.1 billion and up to $350 million upon achievement of certain milestones. 
 
The sale of Kymab delivers gross upfront proceeds to Malin of $113 million (approximately €95 million), with the potential to receive up to a further $33 million on the achievement of certain milestones. Malin will immediately commence the process to repay the full outstanding amount of European Investment Bank debt of €45 million. While the Company progresses the necessary preparatory steps to initiate capital returns to shareholders during the second half of 2021, the structure of which remains under consideration, the Company expects to commence buying back shares in the market within the existing authority granted by shareholders. Any decision to repurchase shares will be within the existing authority granted by shareholders. The Company's joint brokers, Davy and Liberum, would act as principals in relation to any repurchase of shares undertaken by Company.
 
 
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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 
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 / Eavan Gannon
Tel: +353 83 448 8339                            
malin@powerscourt-group.com  

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