Company Announcements

Malin Corporation plc

Immunocore Prices Upsized Nasdaq IPO

·    Immunocore raises approximately $273 million

·    Value of Malin's stake in Immunocore is approximately €51 million

·    Malin retains an approximate 6% stake in Immunocore following the IPO

Dublin-Ireland, 5 February 2021: Malin Corporation plc. (Euronext Growth Dublin:MLC) (Malin), a company investing in highly innovative life sciences companies, today notes that its investee company, Immunocore, has announced the pricing of its initial public offering (IPO) of 9.9 million American Depositary Shares (ADSs) representing 9.9 million ordinary shares at an initial public offering price of $26.00 per ADS for total gross proceeds of approximately $258 million. Immunocore also raised $15 million in a concurrent private placement. Immunocore's ADSs are expected to begin trading on The Nasdaq Global Select Market today (5 February 2021) under the ticker symbol "IMCR". In addition, Immunocore has granted the underwriters a 30-day option to purchase up to an additional 1.5 million ADSs at the IPO price, less underwriting discounts and commissions.

Proceeds from the IPO will be used to advance the company's lead product candidate through the completion of its Phase 3 clinical trial as well as preparing for its commercial launch and to fund the ongoing and planned clinical development of Immunocore's other product candidates, as well as for general corporate purposes.

Based on the public offering price, the value of Malin's stake in Immunocore is approximately €51 million. The last disclosed fair value estimate of Malin's investment in Immunocore was €49.8 million at 31 August 2020. Malin did not participate in the IPO and following the IPO, Malin retains an approximate 6% stake in the company. All of Malin's ADSs in Immunocore are restricted from resale for a period of 180 days under market standoff and lock-up agreements.

Commenting on the IPO, Darragh Lyons, Malin CEO, said: "Immunocore's IPO is a significant milestone for the company. It follows the recent positive Phase 3 data for its most advanced product candidate, tebentafusp, for the treatment of metastatic uveal melanoma. The company is now well funded to advance its broad clinical pipeline in oncology and infectious disease that leverages its unique T cell receptor bi-specific technology platform. The company expects to have several important clinical milestones during the second-half of 2021 and during 2022."

A registration statement relating to these securities became effective on 4 February 2021. The offering will be made only by means of a prospectus. When available, copies of the final prospectus related to the offering can be obtained from any of the joint book-running managers for the offering: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526, facsimile: 212-902-9316, e-mail: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at +1 866 803 9204 or by email at prospectus-eq_fi@jpmchase.com; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at +1 877 821 7388 or by email at Prospectus_Department@Jefferies.com. For the avoidance of doubt, such prospectus will not constitute a "prospectus" for the purposes of the Regulation (EU) 2017/1129 and has not been reviewed by any competent authority in any member state in the European Economic Area or the United Kingdom.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the "SEC"). Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

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 Immunocore

Immunocore is a late-stage biotechnology company pioneering the development of a novel class of TCR bispecific immunotherapies called ImmTAX - Immune mobilising monoclonal TCRs Against X disease - designed to treat a broad range of diseases, including cancer, infectious and autoimmune.

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