Life science investment company, Malin, has said its value grew 9% in the first six months of the year.
The firm said its intrinsic equity value per share, which it believes is the best measurement of its progress, rose from €8.48 in December of last year to €9.24 at the end of June.
However, the company said that since then the metric has dipped to €8.83 as a result of declines in the share prices of investee firms, Immunocore and Poseida.
The company's actual share price rose from €3.90 to €7.50 in the same time period. It has since dropped back to around €6.95.
During the first six months of the year, the clinical stage biopharma company, Kymab, in which Malin had invested, was sold to Sanofi for $1.45bn.
The initial proceeds of the deal worth €88.2m have already been used to repay European Investment bank debt and buy back 1.5m shares.
During the period the company also sold its 65% stake in specialty pharma company, Altan, to Ethypharm.
When it closes in the coming months the deal will deliver around €68m to Malin.
Malin said its cash balance at the end of June stood at €57.6m, but as of yesterday this stood at €54.9m following the share buyback.
"As we look ahead to the remainder of 2021, we will seek to demonstrate further execution of our business strategy with the close of the Altan company sale, an expected significant return of capital to shareholders and further value accretion from our remaining assets," said Darragh Lyons, CEO of Malin.
