Clinigen Group acquired IDIS from private equity firm CBPE Capital. This acquisition brings together the two leading players in the ethical unlicensed medicines market. For CBPE, this exit represents a phenomenal success story: after backing the management buyout in 2005 and holding the asset for a decade, they achieved a 22x return on their original investment. The industrial logic for Clinigen is to consolidate the fragmented $5 billion unlicensed medicines market, combining IDIS's regulatory expertise and broad geographic footprint with Clinigen's existing infrastructure to serve healthcare professionals and pharma clients more effectively worldwide.

IDIS, which reported an EBITDA margin of LOGIN in 2015, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 12.8x average currently observed in the Healthcare & Pharma sector.

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