Malin Corporation said that its investee company Immunocore has announced the pricing of its initial public offering (IPO) at a price of $26 per share which will result in total gross proceeds of about $258m.
Malin, which invests in highly innovative life sciences companies, also said that Imunocore has raised $15m in a concurrent private placement.
Immunocore's shares are expected to begin trading on The Nasdaq Global Select Market today.
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.
Malin said that based on the public offering price, the value of its stake in Immunocore stands at about €51m.
Malin did not participate in the IPO and following the IPO, Malin retains an approximate 6% stake in the company.
Darragh Lyons, Malin CEO, said that Immunocore's IPO is a significant milestone for the company.
Malin Corporation said that its investee company Immunocore has announced the pricing of its initial public offering (IPO) at a price of $26 per share which will result in total gross proceeds of about $258m.
