Clinigen completes £225m Idis takeover

24th Apr 2015 15:10

Pharmaceutical group Clinigen has completed the takeover of sector peer Idis for £225m.The AIM-listed group said the deal will boost its access to unlicensed drugs for cancer treatment and other disease in over 120 different countries.In a statement released on Friday, Clinigen said the medicines it focuses on have either been already approved in other markets or are undergoing clinical trial stages. The company added that doctors are allowed to suggest them to patients who have been unresponsive to other treatments.Earlier this week, a student died after taking pills she had bought online but group chief executive Peter George said the company would never consider supplying unlicensed drugs."We are in the business of ethically supplied medicines - there was just this week the case of a toxic product for slimming bought over the internet resulting in death," he said."We are of the belief that prescription drugs need a pharmacist or doctor."The London-listed company said the unlicensed supply market is thought to be worth approximately £3.3m, due to increasing demand in emerging markets for drugs that are already available in the West.Analysts at Numis said the takeover was "transformational for Clinigen, propelling it to global leadership of the ethical unlicensed supply market".Clinigen shares jumped 8.94% to 572.50p at 16:29 on Friday.