Malin Corporation plc
Poseida Prices Nasdaq IPO
· Raises $224 million
· Increase in the value of Malin's shareholding to approximately €130 million; a 17% uplift to the last disclosed value of €111 million
· Malin will retain an approximate 15% stake in Poseida following the IPO
Dublin-Ireland, 10 July 2020: Malin Corporation plc. (Euronext Growth Dublin:MLC) (Malin), a company investing in highly innovative life sciences companies, today notes that Poseida Therapeutics, Inc. (Poseida), a clinical-stage biopharmaceutical company and one of Malin's Priority Assets, has announced the pricing of its initial public offering (IPO) of 14,000,000 shares of common stock at a public offering price of $16.00 per share for aggregate gross proceeds of approximately $224 million. In addition, Poseida has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of common stock at the IPO price. All of the shares are being offered by Poseida. Poseida's common stock is expected to begin trading on the Nasdaq Global Select Market today (10 July 2020) under the ticker symbol "PSTX".
Proceeds from the IPO will be used to fund the ongoing and planned clinical development of Poseida's product candidates, advancing the company's gene therapy and CAR-T pipeline, as well as for general corporate purposes.
Based on the public offering price, the value of Malin's stake in Poseida increases to approximately €130 million, a 17% uplift to the last disclosed fair value estimate of Malin's investment in Poseida of €111 million at 31 December 2019. Malin did not participate in the IPO and following the IPO, Malin will retain an approximate 15% stake in the business. All of Malin's shares of common stock in Poseida are restricted from resale for a period of 180 days under market standoff and lock-up agreements.
Commenting on the IPO, Darragh Lyons, Malin CEO, said: "Since Malin first invested in Poseida in 2015, the company has made tremendous progress in utilising its proprietary gene engineering technologies to create next generation cell and gene therapies and the IPO represents a further significant milestone in the Poseida journey. Poseida has progressed two CAR-T product candidates into the clinic and is targeting the advancement of several further product candidates into the clinic over the next two years. These include allogeneic (donor) CAR-T product candidates and liver-directed gene therapy product candidates, where Poseida's technology may have the capacity to result in single treatment cures of genetic diseases. As early investors in Poseida, we look forward to continuing to support the company as it seeks to deliver transformational treatments to patients."
This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
A registration statement on Form S-1 relating to these securities was declared effective by the US Securities and Exchange Commission (SEC) on 9 July 2020. The offering is being made only by means of a prospectus. The final prospectus related to the offering was filed with the SEC. Copies of the final prospectus relating to the offering may be obtained, when available, from: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attn: Prospectus Department, by telephone at (800) 747-3924, or by e-mail at prospectus@psc.com; or William Blair & Company, L.L.C., 150 North Riverside Plaza, Chicago, IL 60606, Attention: Prospectus Department, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.
Poseida is a clinical-stage biopharmaceutical company based in San Diego, California, dedicated to utilising its proprietary non-viral gene engineering platform technologies to create next generation cell and gene therapeutics with the capacity to cure.
ENDS
About Malin Corporation plc
Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative life sciences companies. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to a diverse range of global healthcare businesses. Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in Ireland and listed on the Euronext Growth Dublin. For more information visit www.malinplc.com
For further information please contact:
Malin
Jessica Bergin, Investor Relations & External Reporting
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
Davy Corporate Finance (Euronext Growth Adviser & Joint Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Bidhi Bhoma / Euan Brown
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Consilium Strategic Communications
Mary-Jane Elliott / Chris Welsh
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Eavan Gannon
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