(Alliance News) - Clinigen Group PLC has accepted a GBP1.2 billion takeover offer from Triton Investment Management Ltd, the two companies confirmed on Wednesday, valuing the company at GBP1.2 billion.
London-based private equity firm Triton will pay 883 pence per share in cash for Clinigen. Shareholders also will receive the already declared final dividend of 5.46p, making the overall value of the deal 888.46p per shares.
Shares in the Staffordshire-based pharmaceuticals and services provider were 10% higher at 900.00 pence on Wednesday morning in London. Last Thursday, Clinigen shares had spiked 18% to 746.50 after the drugmaker confirmed it was in takeover discussions with Triton.
"Triton has been following Clinigen for a long time and is impressed with the strategy adopted by the Clinigen board and management, creating differentiation through a combination of value propositions across the pharmaceutical product lifecycle which provide global access to medicines. Triton recognises the potential Clinigen holds in growing its offering in the global pharmaceutical ecosystem," Triton said.
Clinigen directors unanimously recommended the offer to shareholders.
Chair Elmar Schnee commented: "The Clinigen board believes this offer represents an exceptional opportunity for Clinigen shareholders to realise value for their investment in cash at a very attractive valuation."
By Will Paige; willpaige@alliancenews.com
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