(Bloomberg) -- Clinigen Group Plc shares surged after the U.K. specialty pharmaceutical company said it's in advanced talks with Triton Investment Management Ltd. over a takeover bid.
Triton made a non-binding indicative proposal to buy the company, Clinigen said in a statement Thursday, saying it was responding to media speculation. The stock rose as much as 22%, giving the company a market value of about 1 billion pounds ($1.3 billion).
Earlier this year, Elliott Investment Management disclosed a 5% stake in Clinigen. The company has long been seen as a takeover target for buyout firms. Elliott is in conversations with the company and is seeking ways for Clinigen to unlock value, people with knowledge of the matter have told Bloomberg. The company's stock plunged in June when it gave lower-than-expected earnings guidance.
Clinigen acquires the rights to niche commercial drugs and expands their distribution. It also helps patients get access to treatments that aren't licensed in their countries. The company has a separate division providing services to drugmakers running clinical trials, helping with areas such as packaging, distribution and medicine sourcing.
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