LONDON, UK: Triley Bidco Limited, a newly-incorporated company indirectly owned by the Triton Funds, has agreed on terms to acquire Clinigen Group plc at approximately £1.2 billion on a fully diluted basis, a bourse filing said.
Under the agreement Clinigen shareholders will be entitled to receive 883 pence in cash for each Clinigen Group share.
In addition to the consideration payable in connection with the acquisition, Clinigen shareholders will be entitled to receive the previously declared final dividend of 5.46 pence per Clinigen share.
It is intended that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
Triton is a leading European private equity investment firm with a proven track record and deep expertise in investing in healthcare, including in pharmaceutical and pharmaceutical services companies.
Bidco is a newly incorporated company, formed on behalf of, and which is indirectly owned by, funds managed or advised by Triton, for the purpose of implementing the Acquisition.
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 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.”