LONDON: Malin Corporation plc (Euronext Growth Dublin: MLC), a company investing in innovative life sciences, announced that its investee company, Poseida Therapeutics, Inc. (NASDAQ: PSTX), will be acquired by Roche Holdings, Inc. at $9.00 per share in cash, plus up to $4.00 per share in contingent payments upon achieving certain milestones.

Malin, holding approximately 12% of Poseida’s share capital, expects initial net proceeds of around $106.5 million from the transaction, with a potential additional $47.3 million from contingent value rights (CVRs).

This acquisition boosts Malin’s estimated Intrinsic Equity Value to about €192.1 million, or €10.17 per Malin share, a 55.3% increase from the previous estimate on November 8, 2024.

The transaction, expected to close in the first quarter of 2025, is subject to regulatory review and other customary conditions.

Due to this significant increase in value, Malin’s Board has decided to terminate the previously announced Tender Offer of €6.55 per share and adjourn the extraordinary general meeting scheduled for December 5, 2024. No Ordinary Shares will be repurchased, and all tendered shares will be returned to shareholders.

The Board will now evaluate how best to return surplus capital to shareholders, with further announcements to follow.

Commenting on the transaction, Liam Daniel, Chair of Malin, said: “The sale of Poseida is a very significant milestone for Malin in our continuing strategy to deliver maximum value to shareholders and Malin remains committed to returning excess capital of the business to Malin’s shareholders. In light of this positive development and the significant uplift in the estimated Intrinsic Equity Value per share, the board of Malin considers it to be in the best interests of shareholders to terminate the Tender Offer launched on 12 November 2024. The Board will take the financial effects of this Transaction into account as part of its deliberations on the timing and scale of future returns of excess capital to shareholders and will issue further updates in due course.”