MALIN CORPORATION PLC Supporting exceptional science and technology
Malin Corporation plc Annual Report 2022
Who We Are
2022 at a Glance
Malin invests in and supports highly innovative life sciences companies developing exceptional science and technology to deliver transformative outcomes for patients and create significant value for shareholders.
Malin's purpose is to create shareholder value through the application of long-term capital and strategic support to its investee companies to enable them to reach their value potential.
Malin is headquartered in Ireland and listed on the Euronext Growth Market of Euronext Dublin.
Divested of entire 5% stake in Immunocore shares generating proceeds of $146.8 million between August and December 2022.
FDA approval of Vivjoa ® (Oteseconazole) by Viamet's successor Mycovia for the treatment of recurrent vulvovaginal candidiasis in females who are not of reproductive potential.
Investment in CG Oncology in September 2022 for $7m.
Announced intention to return approximately €140 million of capital to shareholders via a Tender Offer.
Strategic Report | Governance |
Performance Snapshot
Financial Statements | 01 |
At 31 | Estimated intrinsic equity value |
December | (fair value of investee companies and |
2022 | corporate cash) |
€317.3 million | |
Estimated intrinsic equity value per | |
Ordinary Share | |
€9.34 | |
Cash | |
€173.9 million | |
At 14 | Estimated intrinsic equity value |
February | (fair value of investee companies and |
2023* | corporate cash) |
€342.4 million
Estimated intrinsic equity value per
Ordinary Share
€10.07
Cash
€173.6 million
- IPEV-compliantfair value estimate at 14 February 2023 represents IPEV-compliant fair value estimates as at 31 December 2022 updated for prevailing foreign exchange rates and mark-to-market valuation of Malin's interest in Poseida at 14 February 2023.
Contents
Strategic Report
What's in a Share | 03 |
Malin's Investee Companies | 04 |
Chair's Statement | 06 |
Chief Executive's Report | 08 |
Financial Review | 14 |
Risk Management | 16 |
Governance
Chairman's Corporate | |
Governance Introduction | 21 |
Board of Directors | 22 |
Corporate Governance Statement | 24 |
Audit Committee Report | 29 |
Remuneration Committee Report | 32 |
Nominations and Governance | |
Committee Report | 39 |
Directors' Report | 41 |
Financial Statements
Independent Auditor's Report | |
to Malin Corporation plc | 45 |
Consolidated Income Statement | 50 |
Consolidated Statement | |
of Comprehensive Income | 51 |
Consolidated Statement | |
of Financial Position | 52 |
Consolidated Statement | |
of Changes in Equity | 53 |
Consolidated Statement | |
of Cash Flows | 55 |
Notes to the Consolidated | |
Financial Statements | 56 |
Company Statement of | |
Financial Position | 90 |
Company Statement of | |
Changes in Equity | 91 |
Notes to the Company | |
Financial Statements | 92 |
Directors, Secretary and Advisers | 96 |
02 Malin Corporation plc Annual Report 2022
Our vision is to deliver significant returns for our shareholders and transformative outcomes for patients by investing in and supporting our highly innovative life sciences companies.
Our Core Values
Science and innovation
We have deployed capital into, support, and actively work with companies developing ground-breaking innovative technology platforms in pursuit of cures for cancer, autoimmune and other diseases where current therapies are suboptimal or do not exist.
People
We work closely with talented individuals across our investee companies who share our goal of creating transformative new therapies for patients, particularly those with life-threatening illnesses.
Business Integrity
We operate the business with integrity and veracity with the best interests of our key stakeholders
in mind. We seek to make capital returns for our investors while helping in the development of new therapies for patients.
Strategic Report | Governance | Financial Statements | 03 |
What's in a Share
Malin's estimated intrinsic equity value is arrived at by taking our estimate of the fair value of our investee company holdings in accordance with IPEV guidelines and adjusting this value for Malin's corporate cash, and has been presented as at 31 December 2022 and 14 February 2023.
Other | |
Assets | |
Viamet | €1.00 |
€1.49 |
At | |
31 December 2022 | |
Poseida | Estimated Intrinsic |
€1.73 | Value Per Share |
€9.34 |
Other | ||
Assets | ||
Cash | €1.01 | |
€5.10 | As at | |
14 February 2023 | ||
Estimated Intrinsic | Viamet | |
Value Per Share | ||
€1.47 | ||
€10.07 | ||
Poseida
€2.49
Share breakdown
Public equities
The 14 February 2023 fair value estimate is based on the mark-to-market valuation of Poseida and prevailing foreign exchange rates at 14 February 2023.
Cash
€5.12
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Disclaimer
Malin Corporation plc published this content on 16 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2023 07:18:01 UTC.
