Malin Corporation has today announced that its investee company subsidiary Altan Pharma has been bought by Ethypharm.
Malin invests in highly innovative life sciences companies.
It owns about 65% of the issued share capital of Altan and it said the sale will deliver net proceeds of approximately €68m after the repayment of Altan's net debt and the payment of transaction related costs.
Altan is a specialty pharmaceutical company that develops, manufactures and markets injectable medications for the hospital and other provider segments.
It generated revenue of €41m and incurred a loss before taxation of €1m for 2020.
The closing of the transaction, which is subject to competition authority filings, is expected during the second half of this year.
Darragh Lyons, CEO of Malin and Chairman of Altan, said today's deal is another very significant milestone for Malin in its continuing strategy to deliver maximum value to shareholders.
"This transaction, which comes only two months after the completion of the sale of Kymab to Sanofi, further demonstrates our commitment to catalysing investment realisation opportunities as our investee companies reach optimal value inflection points," Mr Lyons said.
"Having already repaid our €45m of EIB debt in full and with current cash on hand of approximately €60m, we expect the additional capital from the sale of Altan to enable a significant capital return to shareholders before the end of 2021," he added.
