REG - Malin Corp PLC - Malin Announces 2021 Full Year Results

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15/03/2022 08:15

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RNS Number : 7494E  Malin Corporation PLC  15 March 2022

Malin Corporation plc

 

2021 Full Year Results

 

·    Estimated intrinsic equity value per share is €8.70 at 31 December
2021 and €7.50 at 11 March 2022

·    Two significant investee company divestments completed at an
aggregate premium to pre-transaction book values of over 90%

·    The repayment in full of our outstanding EIB debt balance of €45
million

·    The return of over €95 million of excess capital to our
shareholders

·    Several important clinical and operational milestones achieved by
Malin's investee companies during 2021

 

Dublin-Ireland, 15 March 2022: 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 2021.

 

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

 

"2021 was a year of strong progress for Malin with two significant investee
company divestments completed at an aggregate premium to pre-transaction book
values of over 90%, the repayment in full of our outstanding EIB debt balance
of €45 million and the return of over €95 million of excess capital to our
shareholders.

 

The focus of our business strategy over the past few years has been to protect
and enhance the value of our positions in our investee companies, insofar as
possible, while these businesses worked towards reaching important clinical
and operational milestones. We saw the conversion of some of the strong
progress in our investee companies into tangible value creation for Malin's
shareholders during 2021 and we believe that the continued clinical,
operational and financial progress we are seeing in our investee companies can
catalyse additional investment realisation opportunities for Malin in the year
ahead. In addition, we continue to evaluate strategic business opportunities
and will judiciously deploy capital where we see the opportunity for the
enhancement of overall shareholder returns."

 

Estimated intrinsic equity value

 

·    Malin's estimated intrinsic equity value at 31 December 2021 was
estimated to be €8.70 per share, or €295.7 million and is arrived at by
taking the aggregate fair value of our investee company holdings in accordance
with the International Private Equity and Venture Capital Valuation ("IPEV")
Guidelines and adjusting this value for Malin's corporate cash.

 

·    Malin's estimated intrinsic equity value at 11 March 2022 was
decreased to €7.50 per share, or €254.9 million due to the recent declines
in the share prices of Malin's public biotech holdings, Immunocore &
Poseida, which are consistent with the overall biotech market weakness.

 

Fair value of investee companies

 

·    The aggregate fair value of Malin's interests in its investee
companies was €263.0 million at 31 December 2021, estimated in accordance
IPEV Guidelines. The decrease in the aggregate fair value during 2021 is
largely attributable to the divestments of Kymab and Altan during the year and
is partially offset by a net increase in the fair value of our investee
companies of €8 million.

 

·    The aggregate fair value of Malin's interests in its investee
companies decreased to €223.8 million as at 11March 2022.

 

Corporate Financial Updates

 

·    Following two significant investee company divestments at an
aggregate premium to pre-transaction book values of over 90%, Malin repaid the
full outstanding debt balance of €45.0 million with the European Investment
Bank and returned over €95 million of excess capital to shareholders in line
with our long-standing commitment in that regard.

 

o Malin's €95 million return of excess capital to shareholders included
€15.1 million of on-market ordinary share repurchases, redeeming 2.3 million
Ordinary Shares at an average price of €6.53; and

 

o the return of €80.0 million to shareholders via tender offer in December
2021, repurchasing 9.6 million shares at a price of €8.30 per share.

 

·    Malin's corporate cash balance at 31 December 2021 was €33 million.

 

Investee Company Highlights

 

Kymab

·    Completed the sale of the company to Sanofi for consideration of up
to $1.1 billion and $350 million contingent upon achievement of certain
milestones.

 

·    This sale delivered gross upfront proceeds to Malin of $113 million,
of which $105 million was received in April 2021 and a further $2 million
received in October 2021 with the remainder due in October 2022.

 

·    Potential for Malin to receive up to a further $33 million on the
achievement of certain milestones.

 

Altan

·    Sold the company to Ethypharm on 30 September 2021. Malin received
net proceeds of €68.1 million.

 

Immunocore

·    KIMMTRAK® (Tebentafusp) recently approved for commercial launch in
the US with further approvals expected in the coming months in Europe, the UK,
Australia & Canada.

 

·    Reported promising initial data from its Genentech-partnered program
targeting the MAGE-A4 antigen and progressed its PRAME-targeting program in
its dose escalation Phase 1 study.

 

Poseida

·    Advanced two universal donor (allogeneic) CAR-T programs into Phase
1: P-BCMA-ALLO1 (next generation universal donor version of P-BCMA-101) and
P-MUC1C-ALLO1 (a solid tumour target).

 

·    Encouraging early data from its autologous CAR-T product candidate
for metastatic castrate-resistant prostate cancer, with further updates
expected during 2022.

 

·    Executed a gene therapy collaboration with Takeda to initially
include up to six liver- and hematopoietic stem cell (HSC)- directed
indications with an option to add two additional programs. The collaboration
included a $45 million upfront payment with a total potential payments to
Poseida of up to $3.6 billion.

 

Viamet

·    Positive Phase 3 clinical data from Mycovia's Phase 3 RVVC studies
which is expected to support a commercial approval of oteseconazole in the
first half of 2022 and the initiation of cash inflows to Viamet shareholders,
including Malin.

 

Annual Report

 

Malin's annual report and further information on Malin is available to view on
Malin's website at www.malinplc.com (http://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 09:30am 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/
(http://malinplc.com/investors/results-centre/) . This call can be accessed as
follows:

 

From Ireland dial:                             01
53695 84

From the UK dial:
020 3936 2999

From the USA dial:                            1 646
664 1960

From all other locations dial:          +44 203 936 2999

Participant access code:               371815

 

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 (http://www.malinplc.com) .

 

For further information, please contact:

 

Malin

Fiona Dunlevy, Company Secretary

Tel: +353 (0)1 901 5700

investorrelations@malinplc.com (mailto:investorrelations@malinplc.com)

 

Davy Corporate Finance (Euronext Growth Adviser & Joint Broker)

Brian Garrahy / Daragh O'Reilly

Tel: +353 1 679 6363

 

Liberum (Joint Broker)

Phil Walker / Ben Cryer

Tel: +44 (0) 20 3100 2000

 

Powerscourt (Irish Media enquiries)

Eavan Gannon

Tel: +353 87 236 5973

malin@powerscourt-group.com (mailto:malin@powerscourt-group.com)

 

 

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