DAVY VIEW

Malin has announced that Poseida is filing for a potential IPO on the NASDAQ and that Immunocore has appointed a new CEO. Both announcements represent on-going progression in Malin’s priority asset base. The Poseida news is consistent with our view of a 2019 sale/IPO of the asset – we think a sale/listing could amount to $1.25bn/€1bn by December 2019. Given Malin’s 33% stake in the asset, its return could be significant – equating to more than its current market cap. Immunocore’s CEO appointment is an indication that the company is entering an important period of clinical and commercial development. Immunocore’s lead asset and broader pipeline are progressing well, and we think a trade sale/IPO is possible in 2020. We reiterate our ‘Outperform’ rating and €15.90 price target.