Malin secures loan of £54m from bank to fund research
Irish global life sciences company the Malin Corporation has secured a €70m (£54m) debt facility from the European Investment Bank (EIB).
The loan, which will span a seven-year period, will allow Malin to increase its investment in innovation and research in the life sciences industry.
To date, more than 60% of the company's existing investments have been made in the UK and Ireland.
The investment will be delivered in five tranches, and Malin said that it intended to draw down the first tranche "in the near term".
Malin chief executive Kelly Martin said the loan was an "external vindication" of the company's business model.
"The alignment of long duration capital with substantial and demonstrated operating expertise around a broad array of life science assets provides a unique opportunity to create and unlock value," he added.
"This loan provides Malin with additive non-dilutive capital that can then be judiciously deployed to accelerate the progression of current and prospective Malin investee companies."
EIB vice-president Jonathan Taylor expressed his delight in supporting the company's work.
"This represents the European Investment Bank's first support for life science investment in Ireland, demonstrating its commitment to ensuring that world-class research can enhance effective medical treatment and improve medicine," he said.
Malin was set up last year by former executives from drug company Elan.