Private healthcare company investor Malin has acquired a 65% stake in Irish drug company Altan Pharma for €34.5m, its second investment in two days.
Malin was set up by a number of executives from drugmaker Elan to invest in smaller companies which have yet to list on the stock market.
It raised €330m in one of Europe's biggest ever life science stock market debuts in March.
The Dublin-based company counts Woodford Investment Management and insurer Aviva among its shareholders.
It, will enter the injectable drug market with Altan, which it said had acquired a privately held group of Spanish injectable drug firms for €87.5m.
"Altan offers Malin significant exposure to the fast growing injectable drug market which is also benefiting from the increasing demand for generic drugs," Malin chairman John Given said in a statement.
Malin said yesterday it had invested $35m and committed a further $10m to US-based Melinta Therapeutics, which is developing novel treatments for bacterial infections, including an antibiotic, delafloxacin, currently in Phase 3 development.
Before its initial public offering, Malin had committed €100m to seven firms, from a US disinfection technology company to a pan-African distributor, with a further €130m promised subject to contingent commitments being met.
It plans to build out its pipeline to 10 or 12 companies, providing them with the long-term capital it says venture capital and private equity funds cannot guarantee, while also becoming involved at board and management level.