Dublin-listed life sciences investment firm Malin has announced the departure of chief executive Adrian Howd after just one year in the post.
The troubled company, which recently overhauled its board, appointed former Ardagh chief executive Ian Curley as a non-executive chairman and announced an "extensive" review of its portfolio, said Dr Howd would leave as of October 26th.
Mr Curley is to become executive chairman on an interim basis and will serve in that capacity “until the company has made significant progress in its development, particularly in relation to its most significant assets and in continued cost reductions”.
“Given the recent changes, now feels like a good time for me to part with Malin and embark on the next stage of my career,” said Dr Howd, formerly chief investment officer with the group.
“I am proud of our assets and the prospects for our portfolio, especially the highest value, therapeutic investments, which currently account for approximately 70 per cent of Malin’s international private equity valuation. I remain a shareholder and supporter,” he added.
Therapeutic investments
Dr Jean-Michel Cosséry and Rudy Mareel, who also joined the Malin board as non-executive directors on July 16th, will support the boards of a number of key investee companies, including the highest value therapeutic investments, Poseida Therapeutics, Immunocore, Kymab and Viamet, " the group said on Friday.
Malin executives, led by Mr Curley, are due to present details of the group’s review at a capital markets day in London early next month.
Malin, whose shares have fallen by half since its March 2015 initial public offering (IPO) amid concerns over its strategy and operating costs, recently bowed to shareholder pressure to review its executive pay plan, after it was rejected by almost 51 per cent of shareholders.
The group last month announced that the value of its investment portfolio rose to €402 million in the six months to June 30th, driven by a rise in the value of its core assets.
