Irish life sciences firm Malin rises 5 percent in debut

DUBLIN, March 25 (Reuters) - Shares (Berlin: DI6.BE - news) in Ireland (Other OTC: IRLD - news) 's Malin rose 5 percent on its stock market debut on Tuesday after it raised 330 million euros ($361.61 million) in one of Europe's biggest life science initial public offerings (IPO).

Malin, set up by a number of executives from Irish drugmaker Elan to invest in smaller, pre-IPO companies, opened at 10.50 euros per share on Ireland's ESM market for smaller companies, above the 10 euros per share issue price.

The Dublin-based company beat its target IPO range of 275 to 325 million euros, topping the 200 million pounds Circassia raised a year ago in the biggest London market biotech debut in years.

Malin has said it will invest in companies for which an IPO or sale is premature and provide the long term capital and industry experience it says venture capital and private equity funds cannot guarantee.

It has committed 100 million euros to seven such firms, including US-based Viamet, which pulled a potential $75 million IPO last year, with a further 130 million euros promised, subject to targets being met.

Malin, whose investors include Ireland's new strategic investment fund, Aviva (Other OTC: AIVAF - news) and Woodford Investment Management (IPO-WOOD.L), the firm set up by leading British fund manager Neil Woodford, will use the rest of the funds on further acquisitions.

($1 = 0.9126 euros) (Reporting by Padraic Halpin, editing by Louise Heavens)