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    CLIN   GB00B89J2419

CLINIGEN GROUP PLC

(CLIN)
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Delayed Quote. Delayed London Stock Exchange - 01/14 11:35:14 am
905 GBX   -0.39%
01/14MAN GROUP PLC : Form 8.3 - Clinigen Group plc
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01/14Form 8.3 - Clinigen Group Plc
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01/13BOUSSARD & GAVAUDAN INVESTMENT MANAGEMENT LLP : Form 8.3 - Clinigen Group Plc
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

UK pharmaceutical firm Clinigen agrees to $1.6 billion take-private deal

12/08/2021 | 04:54am EST

(Reuters) - Clinigen on Wednesday agreed to be bought by UK-based Triton Investment Management in a deal that values the pharmaceutical services group at about 1.2 billion pounds ($1.6 billion), making it the latest British company to go private.

Last week, Clinigen confirmed advanced talks with the private-equity firm over a possible deal. Pressure has built on the company since Elliott Management raised its stake in recent weeks amid reports the activist investor was seeking to break up Clinigen.

Triton has offered 883 pence per share in cash, with shareholders also eligible to receive a previously declared final dividend of 5.46 pence per Clinigen share, the companies said.

"The Clinigen Board believes (Triton's) offer represents an exceptional opportunity for Clinigen shareholders ... We are therefore unanimously recommending it to our shareholders," Chairman Elmar Schnee said in a statement.

Shares of London-listed Clinigen jumped 10% to 900 pence by 0849 GMT, indicating shareholders could be expecting a better proposal. Analysts including Liberum's Alistair Campbell, however, thought a higher counter bid was unlikely.

"Though we do see intrinsic value in the portfolio, a public market turnaround is perhaps not the most expedient way to achieve this, and we see this as a good offer for shareholders," Peel Hunt analysts said in a note.

Private equity buyouts surged 133% to $818 billion globally in the first nine months of the year as investment firms rushed to deploy cash, often paying rich prices to take assets off the public markets.

British supermarket group Morrisons was bought for $10 billion by Clayton, Dubilier & Rice, beating Softbank-owned Fortress Investment Group in a head-to-head auction in October.

Including Wednesday's gains, Clinigen's shares are up about 33% this year.

Clinigen helps drug developers manage clinical supplies and provides real-world data about medicines, and would be the latest addition to Triton's burgeoning healthcare portfolio.

($1 = 0.7549 pounds)

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Sherry Jacob-Phillips, Elaine Hardcastle)

By Pushkala Aripaka


ę Reuters 2021
All news about CLINIGEN GROUP PLC
01/14MAN GROUP PLC : Form 8.3 - Clinigen Group plc
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01/14Form 8.3 - Clinigen Group Plc
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01/13BOUSSARD & GAVAUDAN INVESTMENT MANAG : Form 8.3 - Clinigen Group Plc
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01/13FORM 8.3 - AXA INVESTMENT MANAGERS : Clinigen Group Plc
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01/12INVESCO LTD. : Form 8.3 - Clinigen Group PLC
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01/12CLINIGEN : Pdf (227.28kb)
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01/12Clinigen Affirms 2022 Earnings Growth Outlook
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01/11ELLIOTT INVESTMENT MANAGEMENT, L.P : Form 8.3 - Clinigen Group PLC
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01/11Triton Investment Management Ltd Updates on Financing Arrangements
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01/10FORM 8.3 - AXA INVESTMENT MANAGERS : Clinigen Group Plc
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Analyst Recommendations on CLINIGEN GROUP PLC
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Financials
Sales 2022 550 M 753 M 753 M
Net income 2022 39,0 M 53,4 M 53,4 M
Net Debt 2022 295 M 404 M 404 M
P/E ratio 2022 30,2x
Yield 2022 0,92%
Capitalization 1 207 M 1 650 M 1 651 M
EV / Sales 2022 2,73x
EV / Sales 2023 2,36x
Nbr of Employees 1 069
Free-Float 86,0%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 905,00 GBX
Average target price 803,60 GBX
Spread / Average Target -11,2%
EPS Revisions
Managers and Directors
Shaun Edward Chilton Chief Executive Officer & Executive Director
Richard Paling Chief Financial Officer & Financial Controller
Elmar J. Schnee Independent Non-Executive Chairman
Ivo Timmermans Chief Medical Officer
Samuel Gordon Herbert Chief Operating Officer
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