Revenue is up, while pre-tax profits have dipped at Clinigen, the pharmaceuticals and services group, according to half year results for the six months ended 31 December 2021.
The Burton-based business posted net revenue of £238.1m, up from £215.7m in the same period of the year prior. Meanwhile profit before tax was £10.1m, down from £23.5m.
The news follows Clinigen’s shareholders voting to approve an increased all-cash acquisition of Clinigen by Triley Bidco Limited.
In December 2021, Clinigen announced an agreement on the terms of a recommended all-cash offer by Triley Bidco Limited (a company indirectly owned by Triton Investment Management Limited) for the entire issued and to be issued share capital of Clinigen. Under the terms of the original offer Clinigen shareholders would have been entitled to receive 883 pence for each Clinigen share.
On 17 January 2022 the terms of an increased and final recommended all-cash offer were announced at an increased value of 925 pence for each Clinigen share.
The increased final offer values the entire issued and to be issued ordinary share capital of Clinigen at approximately £1.3 billion on a fully diluted basis.
Shaun Chilton, Group Chief Executive Officer of Clinigen, said: “We have seen good delivery across all areas of the business during the first half of the year. Our EBITDA and net revenue growth despite the ongoing market challenges presented by COVID-19 demonstrates the benefits of our diverse and global lifecycle platform.
“Shareholders have voted to approve the increased all-cash acquisition of Clinigen by Triley Bidco Limited, which the Board has recommended, and we are excited about the next chapter of Clinigen’s growth as a private company. We will continue to focus on those areas of the business where we have sustainable competitive advantage and build out the platform to deliver more value for our pharmaceutical clients and healthcare professional customers globally.”
