London-listed pharma group Clinigen, which is valued at £1.2 billion, is due to become private after a proposed all-cash acquisition by Triton Investment Management. Under the terms of the acquisition, Clinigen shareholders will be entitled to receive 883 pence in cash for each share.

“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,” said Chairman Elmar Schnee.

“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.”

Triton is currently invested in 48 companies in Europe, with combined sales of about €18.1bn and approximately 105,000 employees.

“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,” added Jan Pomoell, co-head of Triton’s healthcare sector.

Pharma group Clinigen has been advised by RBC Capital Markets and Numis on the financial terms of the acquisition. Barclays Bank and HSBC are acting as financial adviser to Triton.

White & Case LLP has been retained as legal adviser to Triton and Bidco, while Alston & Bird (City) LLP has been retained as legal adviser to StepStone and Ashurst LLP has been retained as legal adviser to Clinigen.