Malin, the Irish-based life sciences company set up by a number of former Elan executives last year to invest in privately held life science assets, has secured a €70 million, 7-year debt facility from the European Investment Bank (EIB).

The company said it intends to use the funding to continue to invest in the European life sciences sector, focusing on particular on Ireland and the UK, where over 60 per cent of its existing investments have been made.

The debt facility is to be disbursed in five tranches with Malin saying it intends to draw down the first tranche “in the near term”.

“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,” said chief executive Kelly Martin.

Malin raised €330 million early last year from international investors in its debut on the Irish Stock Exchange in one of the largest life science IPOS ever to take place in Europe.

The company reported a loss before tax of €9.6 million with revenue from its various investments amounting to €2.5 million in its maiden set of results last September.

As of April 2016, the company had invested over €290 million across 16 life science assets, including taking a 31 per cent stake in human therapeutics Poseida last December.

Other investments include taking majority stakes in Altan Pharma, a Dublin firm specialising in injectable speciality drugs and Emba Neuro, which is developing technology designed by a sister company in which Malin has a stake for use in the neurovascular field.

Its biggest deal to date has been a $80 million (€70m) investment in the British biotech firm Immunocore last July.