Altan Pharma to be acquired by Ethypharm
Source: RNS
Malin Corporation plc
Altan Pharma to be acquired by Ethypharm
· Malin will receive approximately €68 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 €68 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 €68 million (equates to approximately €1.52 per Malin share). This represents a 13% premium to the last disclosed estimate of the fair value of Malin's investment in Altan of €60.4 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 €45 million of EIB debt in full and with current cash on hand of approximately €60 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 €41 million and incurred a loss before taxation of €1 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
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
