Irish life sciences company Malin Corporation said its planned €80 million share buyback offer was oversubscribed.

The company said in November it would return up to €80 million to shareholders through the programme. It proposed a tender offer at €8.30 per ordinary share and sought shareholder approval of the plan on December 16th.

The €80 million capital return will bring the total returns to more than €95 million for the year.

The buyback comes after Malin announced on October 1st that it planned to make a significant return to shareholders before the end of the year. The life sciences company last month completed the sale of its shareholding in portfolio company Altan for €68 million, giving it a cash balance of approximately €118 million.