17th Jan 2022 10:05
(Alliance News) - Clinigen Group PLC on Monday said it has agreed on a final takeover bid from Triton Investment Management Ltd, which values the company at GBP1.3 billion.
Under the increased offer, the London-based private equity firm will purchase each share in the Staffordshire-based pharmaceuticals and services provider for 925 pence per share.
The offer reflects a 4.8% increase to Triton's first offer of 883p made in early December, and a 48% premium to Clinigen's closing price of 625p on December 1, the last business day before the start of the offer period.
Clinigen said that the increased offer reflects the strength of its services business, and accounting for the expected headwinds related to section of the products division.
"Despite recent developments, including the unexpected delay in approval of the Erwinaze US BLA and the potential impact to trading due to the continued prevalence of the Covid-19 Omicron variant, Bidco remains confident that Clinigen can reach its full potential in a private market setting," the company stated.
The acquisition remains conditional on gaining 75% approval from shareholders at a general meeting on February 8, and gaining sanction from the High Court of England & Wales at a hearing set to held early in the second quarter of 2022.
Shares in Clinigen were down 1.0% at 895.74 pence on Monday morning in London.
By Dayo Laniyan; [email protected]
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