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Struggling Clinigen enters £1bn talks with Triton Investment Management

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In the race to feel and look good, an alarming number of women are 'popping pills' without a full understanding of the supplement's safety.
In the race to feel and look good, an alarming number of women are 'popping pills' without a full understanding of the supplement's safety.

Struggling UK pharmaceutical services company Clinigen is reportedly in talks with private equity Triton Investment Management for a takeover proposal worth £1bn.

After the “non-binding indicative proposal” was announced, the company’s shares rocketed by almost 25 per cent on the London market, reaching 786.41p and then closing at 741.30p.

“The board of Clinigen is in advanced discussions with Triton regarding the proposal,” the Times reported the company as saying.

According to the paper, Clinigen advised its shareholders to hold their horses, saying the proposal could not end in a bid.

If successful, the offer could be a lifeline for Clinigen, which was forced to issue a profit warning in July as a result of the pandemic halting clinical trials and reducing the demand for its key cancer drug, Proleukin.

As pressures from its major investor Elliott Management mount, Clinigen could be keen to accept Triton’s offer, which needs to be made by 5pm on 30 December.

With its stake increasing from 5 per cent to 7.6 per cent, Elliott Management has reportedly kept on pushing Clinigen’s senior management to break the company up.

Photo credit: Kratomiq.