Malin, the Irish-based company set up by a number of former Elan executives to invest in privately held life science assets, is to take a 31 per cent stake in Poseida Therapeutics in a deal worth up to $30 million.
Poseida is a US-based, privately-held human therapeutics company using genome engineering technologies to develop novel, life-saving treatments, including gene therapies for orphan liver diseases and immuno-oncology therapeutics for several types of cancer.
The company is currently developing gene therapies for orphan liver diseases and autologous Chimeric Antigen Receptor T-cell (CAR-T) therapies. It also has an alliance with Janssen Biotech to develop allogeneic CAR-T therapies for the treatment of various cancers.
Under the terms of the transaction, Malin has invested $20 million in Poseida with a commitment to invest a further $10 million next year subject to the achievement of certain milestones. Malin chief executive Kelly Martin and chief investment officer, Adrian Howd will also join the Board of Poseida.
“Poseida offers Malin innovative science in the gene therapy, immuno-oncology and gene editing spaces, with utility across multiple therapeutic areas. Genome engineering offers a major advancement in therapy and this transaction reflects our belief that Poseida provides another best-in-class asset which will contribute to long term value for our shareholders,” said Mr Howd.
Malin raised €330 million in March from international investors in its debut on the Irish Stock Exchange in one of the largest life science IPS ever to take place in Europe.
The company reported a loss before tax of €9.6 million with revenue from its various investments amounting to €2.5 million in its maiden set of results in September.
