Burton pharma company agrees £1.2 billion sale to private equity investor
BOARD OF FIRM THAT HAS BECOME A ‘TRUSTED GLOBAL LEADER IN ACCESS TO MEDICINE’ AGREE TO RECOMMEND ACQUISITION
A BURTON pharmaceutical company is being sold for more than £1 billion, it has been revealed.
Clinigen, which is based at Pitcairn House at Bermuda House Crown Square, at the Centrum 100 business park in the town, has been acquired by Bidco for £1.2 billion.
Bidco is a newly incorporated company that is indirectly owned by Triton Investment Management, a European private equity investment firm specialising in mid-market industrial technology and healthcare companies. Bidco was formed for the acquisition.
Clinigen shareholders will be entitled to receive 883 pence per share under the terms of the acquisition, it has been reported.
Clinigen chairman Elmar Schnee said: “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 [initial public offering].
“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.”
Clinigen was founded in 2010 by entrepreneur Peter George, with 32 workers, and has grown inexorably since then.
It opened its headquarters in Burton in 2014 and in the same year he received the Chief Executive of the Year at 2014 European Mediscience Awards.
He set about creating groundbreaking web portal, Cliniport, which allows healthcare professionals to order products directly online.
By the time the Burton base was open, Clinigen was employing 116 people.
In early September, Sky News reported that activist investor Elliott Management had held talks with Clinigen’s board.