State-backed pharmaceutical investment firm Malin Corporation states that the company’s estimated net asset value as of June 30 was €7.61 per share.
Its value marked a slight increase from €7.50 the company reported late last year, but marked a 13 percent drop from €8.70 the company reported in December 2020.
The estimated intrinsic value at the end of June was attributed to the decline in Malin’s public biotech holding Poseida over the period.
Since the end of June, the company’s intrinsic share value has risen to €9.08 per share as of September 5th.
Both Poseida and another publicly traded holding company, Immunocore, posted growth over the summer months on a general market improvement as well as the progress of both companies.
Malin had €27.9 million in cash and cash equivalents as of June 30, during which time the investment firm acquired an additional 2.2 million shares of Poseida for approximately €7.4 million.
According to the company, cash on hand had risen to 40.4 million euros by September 5th.
The company also sold approximately 380,000 shares of Immunocore worth approximately EUR 20.4 million to the investment company.
The operating costs for the first half of 2022 amounted to €1.5 million. Malin also incurred around €1.6m in exceptional costs, of which €1m related to pending High Court proceedings initiated by its principal founders.
The founders have claimed that the sale of pharmaceutical company Altan last October represented a change of control that triggered their right to have their “A” common stock converted into common stock. Malin has denied this claim.
In the six months ended June 30, Poseida also entered into a strategic collaboration with Roche, receiving $110 million up front for the partnership.
“While volatility and weakness in public biotech stock markets continues, over the past few months we have seen an improvement in the share prices of our two public companies, Immunocore and Poseida, fueled by the achievement of some notable strategic and operational milestones both companies,” said CEO Darragh Lyons.
https://www.independent.ie/business/irish/state-backed-malin-sees-value-of-investments-improve-41968003.html The state-backed Malin sees an increase in the value of the investments