DUBLIN (Reuters) - Private healthcare company investor Malin (I:MLCM), which floated in March, said on Thursday it had acquired a 65 percent stake in fellow Irish-based drug company Altan Pharma for 34.5 million euros ($39.03 million/25.2 million pounds), its second investment in two days.
Malin, set up by a number of executives from Irish drugmaker Elan to invest in smaller companies which have yet to list on the stock market, raised 330 million euros in one of Europe's biggest ever life science stock market debuts in March.
The Dublin-based company, which counts Woodford Investment Management and insurer Aviva (L:AV) among its shareholders, will enter the injectable drug market with Altan, which it said had acquired a privately held group of Spanish injectable drug firms for 87.5 million euros.
"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.
On Wednesday, Malin invested $35 million and committed a further $10 million to U.S.-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 euros to seven firms, from a U.S. disinfection technology company to a pan-African distributor, with a further 130 million euros 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.