UK’s Clinigen agrees to sweetened $1.8bn Triton take-private deal

Britain’s Clinigen Group Plc has agreed to a sweetened takeover offer by UK-based private equity firm Triton, valuing the pharmaceutical services firm at about $1.78bn.

Shareholders in Clinigen, whose top investor is hedge fund Elliott, will receive 925 pence per share in cash, up from a December bid of 883 pence apiece.

Get the week’s top news delivered directly to your inbox – Sign up for our newsletter

Sign up

New York-based Elliott, which had been raising its holding in Clinigen over the past few months amid reports it was seeking a break-up of the group, owns a 10.5% stake in the British company, according to Refintiv Eikon data.

The latest offer by Triley Bidco, a newly created company indirectly owned by Triton Funds, is final and is recommended by the Clinigen board, the companies said in a joint statement.

Triton’s first offer made in December valued Clinigen, which provides healthcare professionals and their patients with access to medicines, at about 1.2 billion pounds.

Source: FX Empire

Can’t stop reading? Read more