Belfast Telegraph

Woodfood in sale of bulk of his firm's Malin stake

New move: Neil Woodford
New move: Neil Woodford

By John Mulligan

Embattled fund manager Neil Woodford has sold most of his firm's stake in Irish life sciences investment firm Malin, sources have confirmed.

Shares in the Irish company - itself beset last year with concerns over its strategy and costs - soared as much as 26% in Dublin.

Woodford Investment Management held a near 23% stake in Malin prior to the share sale. Darragh Lyons, the chief executive of Malin, has been laying the groundwork with Malin investors in recent weeks for the sale of the Woodford stake.

During the summer, Neil Woodford was trying to shift out of illiquid investments after freezing redemptions from his LF Woodford Equity Income Fund in June.

Woodford Investment Management proposed earlier this year to sell its stakes in some private pharma companies to Malin in exchange for shares in the publicly listed life sciences company. The proposal was rejected however.

The other major shareholders in Malin include the Ireland Strategic Investment Fund, with a near 11% stake.

Malin's market capitalisation yesterday afternoon was €179m (£158m).

Releasing interim results earlier this month, Malin said the aggregate fair value of its interests in its investee companies was €385m (£339m).

Belfast Telegraph