DUBLIN (Reuters) - Irish life sciences investment firm Malin (I:MLCM) will appoint director and former Elan chief Kelly Martin as its chief executive as part of a reshuffle of its management team, two sources close to the company said on Sunday.
Malin was set up earlier this year by executives from former Irish stock market stalwart Elan, a pharmaceuticals firm, and raised 330 million euros (240 million pounds) in one of Europe's biggest biotechnology IPOs.
Malin's current CEO Adrian Howd, a former equity analyst at Berenberg Bank, will assume the newly established role of Chief Investment Officer to concentrate on progressing the smaller, as yet unlisted companies Malin has acquired, the sources said.
Martin, a former Merrill Lynch banker who took over at Elan in the midst of an accounting scandal in 2003 before cleaning it up and selling it to Perrigo (N:PRGO) for $8.6 billion a decade later, will take over the day-to-day operations of the company.
Martin was already a director of the company and also sits on a number of boards of the firms Malin has invested in.
Malin chairman John Given will also take on a number of executive functions in the shake up, the sources said.
A spokeswoman for Malin was not immediately available for comment.