Malin Corporation Plc

Earnings Release • Aug 26, 2021

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RNS Number : 8155J

Malin Corporation PLC

26 August 2021

Malin Corporation plc

Malin reports 2021 Interim Results

·    Intrinsic equity value estimate increases to €9.24 per share as at 30 June 2021, a 9% increase

·    Significant clinical and transactional progress achieved by investee companies, including the sale of Kymab, agreement to sell Altan and Immunocore's IPO

·    Sale of Altan expected to close in the coming months, after which Malin expects to execute a significant return of capital to shareholders

Dublin-Ireland, 26 August 2021: Malin Corporation plc (Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative life sciences companies, today publishes its interim results and interim report for the six month period to 30 June 2021. 

"The first half of 2021 has been a period of strong achievement for Malin as we continued to see good execution of our business strategy, with the sale of Kymab and Altan at significant premiums to their last disclosed fair value estimates. As a result, our estimated intrinsic equity value, which we believe is the most robust financial metric to assess the progress of Malin, increased 9% to €9.24 per share as at 30 June 2021," said Darragh Lyons, Chief Executive Officer, commenting on the results. "The initial proceeds from the Kymab divestment of €88.2 million allowed us to fully repay all outstanding debt with the European Investment Bank and buy back over 1.5 million Malin shares. As we look ahead to the remainder of 2021, we will seek to demonstrate further execution of our business strategy with the close of the Altan company sale, an expected significant return of capital to shareholders and further value accretion from our remaining assets."

Financial Highlights

·    Estimated intrinsic equity value is calculated using our estimate of the fair value of our investee company holdings in accordance with the International Private Equity and Venture Capital Valuation ("IPEV") guidelines, adjusted for net cash / debt.

·    Malin's estimated intrinsic equity value per share as at 30 June 2021 was €9.24, representing a 9% increase compared to the estimated intrinsic equity value per share as at 31 December 2020 of €8.48. This has decreased to €8.83 per share as at 25 August 2021, as a result of declines in the share prices of Immunocore and Poseida in the period.

·    Malin's corporate cash balance at 30 June 2021 was €57.6 million, following the receipt of €88.2 million in initial proceeds from the sale of Kymab and the repayment of the full outstanding debt balance with the EIB of €45.0 million.

·    The Company has bought back over 1.5 million shares at a weighted average price of €6.34 per share in recent months and as at 25 August 2021, Malin's corporate cash balance was €54.9 million.

·    Corporate cash operating expenses for the first half of 2021 were €1.4 million, in line with previous guidance.

Investee Company Highlights

Kymab

·    Completed the sale of Kymab to Sanofi for consideration of up to $1.45 billion. The transaction delivered gross upfront proceeds to Malin of $113 million, of which $105 million (€88.2 million) was received in April 2021.

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

Immunocore 

·    Raised $75 million in a Series C financing round, before completing an IPO on the Nasdaq Global Select Market, raising a further $312 million.

·    A Biologics License Application and Marketing Authorisation Application for the company's lead product candidate, tebentafusp, has been accepted by the US FDA and European Medicines Agency respectively, following very positive Phase 3 clinical data late last year; and we expect tebentafusp to be commercially launched in Q1 2022.

·    Dose escalation of IMC-C103C targeting MAGE-A4 and IMC-F106C targeting PRAME continues as planned; initial Phase 1 MAGE-A4 data planned for Q4 2021 and initial Phase 1 PRAME data expected by mid-2022.

·    Initiated patient dosing in its wholly owned clinical stage programme for chronic Hepatitis B and advanced several other programmes.

Poseida

·    Progressed the Phase 2 clinical study of its autologous CAR-T programme targeting BCMA, while continuing to seek to optimise the therapy's efficacy in a Phase 1 expansion study.

·    Advanced the universal donor (or allogeneic) version of its BCMA-targeting product candidate as planned, with an IND filing and initiation of a Phase 1 clinical trial on track for Q3 2021.

·    Encouraging early data on product candidate for metastatic castrate-resistant prostate cancer, with further updates scheduled for the end of this month.

Viamet

·    Submitted a New Drug Application to the US FDA for oteseconazole which is currently under review, following excellent Phase 3 data in December 2020 and January 2021. Product approval would initiate cash inflows to Viamet shareholders, including Malin.

Altan

·    Announced a definitive agreement to sell the company to Ethypharm in June 2021. The transaction, which is subject to competition authority filings, is expected to close in the coming months and will deliver net proceeds to Malin of approximately €68 million.

Interim Report

Malin's interim 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, will host a conference call today at 12:00pm Irish Standard Time / BST 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:                             From the UK dial:                              From the USA dial:                            From all other locations dial:          Participant access code:	0153 695 84 020 3936 2999 1 646 664 1960 +44 203 936 2999 330707

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: +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)         

Eavan Gannon

Tel: +353 87 236 5973                            

malin@powerscourt-group.com 

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