9th Apr 2021 10:08
(Alliance News) - Sanofi SA on Friday completed the USD1.1 billion buy of biopharmaceutical firm and Malin Corp investee Kymab.
Aside from the initial USD1.1 billion, the French pharmaceutical firm may also net USD350 million in milestone payments.
Malin Corp, an Irish investor in life sciences companies, received USD113 million upfront and may potentially a further USD33 million from the milestone payments.
"Malin will immediately commence the process to repay the full outstanding amount of European Investment Bank debt of EUR45 million," Malin said.
"While the company progresses the necessary preparatory steps to initiate capital returns to shareholders during the second half of 2021, the structure of which remains under consideration, the company expects to commence buying back shares in the market within the existing authority granted by shareholders."
London-listed Schroder UK Public Private Trust PLC, also an investor in Kymab, said it will receive an initial USD82 million. It similarly stands to net USD33 million in future payments.
The company said: "The company's holding in Kymab has been revalued to GBP70 million reflecting the terms of the agreed sale generating a fair value gain of GBP52 million when compared with the holding value of GBP18 million as at 30 September 2020."
In Paris, Sanofi shares were marginally lower at EUR84.68 each. In Dublin, Malin shares were 4.4% higher at EUR6.00, while in London, Schroder UK Public was trading 0.2% higher at 32.56 pence each.
By Eric Cunha; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Millennium & Copthorne HotelsSUPP.L