Triton to take Clinigen Group private in £1.3bn deal

London-listed Clinigen Group has agreed to a £1.3bn take-private offer from European private equity house Triton. 

The buyout house has raised the offer to 925 pence per share from 883 pence a piece in the previous bid in December.

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The latest offer price represents a 48% premium to the ex-dividend closing price of 625 pence per Clinigen share on Dec 1, the last business day before the start of the offer period.

“After making seven different proposals, as well as undertaking careful and extensive due diligence, Triley Bidco (a Triton subsidiary) has fully reflected the value of Clinigen and its future commercial prospects in the increased final offer,” the board said in the regulatory filing.

Triton has made a previous deal of £1.2bn in December, representing a 41% premium. Shareholders are also eligible to receive a previously declared final dividend of 5.46 pence per share.

Clinigen’s prices plummeted 25% from 856 pence to 581 pence per share in June after a profit warning as COVID-19 has slowed down in hospital-based oncology treatments and delays to clinical trials.

The latest offer is final and is recommended by the Clinigen board.

Triton has been active in healthcare investments.  It agreed to sell German radiology and radiotherapy player Meine Radiologie to EQT Infrastructure in July after seeing turnover surge at the company since its 2019 buyout.

It closed its fifth main buyout vehicle on €5.2bn in 2018, smashing its €4bn target and beating its hard cap.

The buyout house hauled in an above-target €815m for Smaller Mid-Cap Fund II last year.

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