DUBLIN: Malin Corporation plc., a company investing in highly innovative life sciences companies, notes that Poseida Therapeutics, one of Malin’s Priority Assets, has announced the closing of a Series C financing round, raising $142 million, led by a $75 million equity investment from Novartis Pharma.
Several new institutional investors participated alongside current investors, including Malin who invested $4 million as part of the financing transaction. The financing round was completed at a premium to the value at which Malin based its Poseida fair value estimate at 31 December 2018.[the_ad id=”31605″]Commenting on the transaction, Darragh Lyons, Malin Chief Business & Financial Officer, said: “We are pleased with the completion of this private financing transaction by Poseida. Novartis’ significant participation serves as additional validation of Poseida’s high-quality and differentiated pipeline and technology platforms with broad utility.
“Poseida has significantly strengthened its balance sheet position and expanded its institutional investor base as the company moves into an important phase of clinical development, including initiating a registrational study for its lead product candidate and the advancement of three further programmes into the clinic.
“Following the completion of this financing transaction and as the company enters this exciting phase of development including gathering more mature data in its ongoing clinical trials, Poseida is well-positioned to further engage with potential strategic interests.
“Malin retains an ownership interest in Poseida of approximately one-quarter of the issued share capital and we look forward to working alongside Novartis and the other new investors to help the company progress and achieve its upcoming important milestones.”