Life sciences investment company Malin Corp has announced the completion of the previously announced sale of its investee company Kymab to Sanofi for an upfront payment of approximately $1.1 billion (€920m) and up to $350 million upon achievement of certain milestones.
Malin said the sale of Kymab would deliver gross upfront proceeds of $113 million, with the potential to receive up to a further $33 million on the achievement of certain milestones.
Malin will immediately commence the process to repay the full outstanding amount of European Investment Bank debt of €45 million.
While the company progresses the necessary preparatory steps to initiate capital returns to shareholders during the second half of 2021, it said it expects to commence 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. The company’s joint brokers, Davy and Liberum, would act as principals in relation to any repurchase of shares undertaken by company, it added.
