Malin Corporation has completed the previously announced sale of its investee company Kymab to Sanofi for an upfront payment of approximately $1.1 billion and up to $350m more on the achievement of certain milestones.
Malin, which invests in highly innovative life sciences companies, owns about 10% of the issued share capital of Kymab and said the sale will deliver initial net proceeds of $113m (about €95m).
Under the terms of the deal, the French company gets full rights to Kymab's KY1005, an antibody therapy viewed as having the potential to treat a wide range of inflammatory disorders and immune-related diseases.
KY1005 passed a mid-stage Phase IIa clinical trial in August.
Malin said it will immediately start the process to repay the full outstanding amount of European Investment Bank debt of €45m with the proceeds of the sale.
It said that while it progresses the necessary preparatory steps to initiate capital returns to shareholders during the second half of 2021 - the structure of which remains under consideration - it expects to start buying back shares in the market within the existing authority granted by shareholders.
Any decision to repurchase shares will be within the existing authority granted by shareholders, it added.
