Irish life science investment company Malin reshuffles its executive board and gives its former director, Kelly Martin, the new CEO position. The Ex-Elan chief will further push investments in British biotechs.
Kelly Martin takes over as CEO of Malin and will balance opportunities and risk in the company’s investments, as well as running day to day business. The former Merrill Lynch & Co executive spent a decade at Irish biotech Elan, where he was labelled as the worst biotech CEO of the year from TheStreet’s Adam Feuerstein. Elan’s stock declined by about 70% after high promises of an Alzheimer’s drug never came to fruition. However, Martin arranged to sell Elan for $8.6Bn to Perrigo 5 years later.
Martin will take up the position from former Milan CEO Adrian Howd, who will then go on to be chief investment officer. Howd’s role will be to assess the underlying science, technology and clinical progression of the assets, after having completed two major investments in the US in his final actions as CEO.