Quantum leaps after receiving takeover proposal from Clinigen

UK pharmaceutical developer Quantum Pharma announced it had received an indicative proposal of a possible offer for the company from Clinigen Group.

The proposal from Clinigen and would be satisfied through a combination of new ordinary shares in its fellow London-listed company and cash.

Quantum's board did emphasise that the proposal was non-binding and is subject to preconditions including the customary due diligence.

It noted a further announcement would be made in due course.

Shares in Quantum had advanced 16.71% to 76.15p as of 1245 BST, while Clinigen was up 1.4% to 1,024p.