Martin’s biotech fund to inject €39m into US drug company

Martin’s biotech fund to inject €39m into US drug company

Malin, the Irish biotech investment fund backed by former Elan boss Kelly Martin, will pump €39 million into an American drug company.

Malin, which intends to list on the Irish stock exchange later this month, has agreed to pay $18 million (€16.5 million) for an initial 41 per cent in Serenus Biotherapeutics. Depending on how Serenus performs, Malin will raise its shareholding in the company to 76 per cent for an additional $25 million.

Martin will become chairman of Serenus as part of the investment. Serenus is developing treatment for chronic and infectious diseases and plans to concentrate on the African market.

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