DAVY VIEW

Kymab’s compelling phase 2a data for its potentially market leading eczema drug are indicative of the momentum building in Malin’s priority asset base following Poseida’s IPO in July. Malin also increased its stake in Kymab from 8% to 10%, which equates to a c.27% increase in its holding to c.€35m. There is scope for further value uplift as a fuller data set becomes available in Q4. Given the large market for eczema alone ($2bn+) and the broader applications of Kymab’s drug, we think further positive data could garner interest from large biopharma companies, potentially leading to licensing deals or an outright trade sale in the future.