When Clinigen delivered a painful surprise profit warning last month, the pharmaceutical company’s shares slumped by more than a quarter, rekindling speculation in the City that it was vulnerable to a takeover (Alex Ralph writes).
Yesterday’s latest trading update, for the year to the end of June, contained no new unhealthy shocks but lacked any catalyst to lift the shares. The stock traded down 0.8 per cent, to 620p.
With the mid-cap drugs sector attracting a flurry of takeover bids in recent months — UDG Healthcare, Vectura and Spire Healthcare — there is uncertainty over whether a predatory takeover could be launched. Advent, the private equity firm, looked at Clinigen last year.
Clinigen, which listed on Aim in 2012, has expanded through a series of
