The board of directors of Clinigen and the board of directors of Triley Bidco Limited (Bidco) have agreed the terms of a recommended all-cash acquisition of Clinigen by Bidco, a newly-incorporated company indirectly owned by the Triton Funds.
Under the terms of the acquisition, Clinigen shareholders will be entitled to receive 883 pence per share.
The acquisition values the entire issued and to be issued ordinary share capital of Clinigen at approximately £1.2 billion on a fully diluted basis.
Triton is a European private equity investment firm with a track record and expertise in investing in healthcare, including in pharmaceutical and pharmaceutical services companies.
Triton believes that “Clinigen can better reach its full potential in a private market setting with a greater focus on longer term value creation, enabled by the acceleration of investment in growth. Triton believes that as a private company Clinigen will be able to extend its geographical reach, compete more effectively for inorganic growth opportunities, and strengthen its differentiated technology base to the benefit of the company’s key stakeholders.”
Elmar Schnee, chairman of Clinigen, said: “Since IPO, Clinigen has grown significantly to become the trusted global leader in access to medicine. We make sure a healthcare professional with a patient in need, anywhere in the world, can always get the right medicine for their individual patient quickly, easily and safely whether licensed or unlicensed.
“Clinigen has delivered meaningful value creation to its shareholders with significant growth in revenue, earnings and cash flow since IPO. 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. We are therefore unanimously recommending it to our shareholders.”
Jan Pomoell, co-head of Triton’s Healthcare sector, said: “We are pleased that the board of Clinigen has unanimously agreed to recommend the acquisition of Clinigen by Bidco.
“Clinigen has long established itself as a leading provider of services to pharma and biotech companies, and pharmaceuticals to healthcare professionals and patients, supported by a highly skilled workforce. We believe that under Triton’s ownership, Clinigen will be able to accelerate growth and better serve its clients, healthcare professionals and patients.”
