BY: Pamela Newenham
Second investment in two days from Irish life sciences company – Dublin-based Malin will enter the injectable drug market with Altan.
Irish-based global life sciences company Malin has acquired a 65 per cent stake in Altan Pharma for €34.5 million, its second investment in two days.
Malin, set up by a number of executives from Elan to invest in smaller companies which have yet to list on the stock market, raised €330 million in one of Europe’s biggest life science stock market debuts in March.
The Dublin-based company, which counts Woodford Investment Management and insurer Aviva among its shareholders, will enter the injectable drug market with Altan. The pharmaceutical firm has acquired GES Group, a privately held group of Spanish injectable drug firms, for €87.5 million.
“Altan offers Malin significant exposure to the fast growing injectable drug market which is also benefiting from the increasing demand for generic drugs,” Malin chairman John Given said in a statement.
“GES is a highly respected leader in the specialty pharmaceutical segment with a reputation for supplying quality, injectable products,” said Guillermo Herrera, chairman and chief executive officer of Altan.
“GES’ manufacturing expertise and international distribution network provide an attractive foundation for building Altan’s global specialty pharmaceutical business.”
Earlier this week, Malin invested $35 million and committed a further $10 million to US-based Melinta Therapeutics, which is developing novel treatments for bacterial infections, including an antibiotic, delafloxacin, currently in Phase 3 development.
Prior to its initial public offering, Malin had committed €100 million to seven firms, from a US disinfection technology company to a pan-African distributor, with a further €130 million promised subject to contingent commitments being met.
It plans to build out its pipeline to 10 or 12 companies, providing them with the long-term capital it says venture capital and private equity funds cannot guarantee, while also becoming involved at board and management level.