Hospital drug specialist Clinigen floats on AIM

The pharmaceuticals group Clinigen announced a rare flotation on the AIM junior market yesterday, raising £50m.

Clinigen, which specialises in hospital-only medicines, will start trading on the junior market next Tuesday, with its placing at 164p a share giving it a market capitalisation of £135m.

The company's medicines include the anti-virus treatment Foscavir which it bought from AstraZeneca in 2010. Peter George, the chief executive, said Clinigen intended to acquire and build up sales of further niche hospital-only drugs.

"After a period of sustained international growth, a listing of our shares is key and the next logical step in our development," he said. "We aim to maintain our strong growth record."