European private equity house Triton has agreed a £1.2bn take private deal for UK pharmaceutical firm Clinigen.
The offer price of 883 pence per share represents a 41% premium to the ex-dividend closing price of 625 pence per share on 1 December, the last business day before the start of the offer period. Shareholders are also eligible to receive a previously declared final dividend of 5.46 pence per share.
Clinigen’s prices plummeted 25% from 856 pence to 581 pence per share in June after a profit warning as COVID-19 has slowed down in hospital-based oncology treatments and delays to clinical trials.
It picked up after Triton made its offer and share prices rose to 900 pence after the agreement was announced. Clinigen provides clinical supplies management and real world data about medicines to enhance quicker and broader access to medicines in 120 countries.
Triton said the Company performs an important role in providing medicines around the world for patients with unmet needs through working directly with healthcare professionals and regulators, highlighting its broad reach and diverse capabilities. Triton recognises the potential Clinigen holds in growing its offering in the global pharmaceutical ecosystem.
It also believes that Clinigen can better reach its full potential in a private market setting with a greater focus on longer term value creation, extending its geographical reach and competing more effectively for inorganic growth opportunities.
The directors of Clinigen intend to recommend unanimously that Clinigen Shareholders accept the offer.
Triton has a proven history in healthcare investment.
It agreed to sell German radiology and radiotherapy player Meine Radiologie to EQT Infrastructure in July after seeing turnover surge at the company since its 2019 buyout.
Triton closed its fifth main buyout vehicle on €5.2bn in 2018, smashing its €4bn target and beating its hard cap.
It hauled in an above-target €815m for Smaller Mid-Cap Fund II earlier this year.
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