(Bloomberg) -- Clinigen Group Plc said it’s in advanced talks with Triton Investment Management Ltd. over a takeover bid for the U.K. specialty pharmaceutical company. The shares rose as much as 17%.

Triton made a non-binding proposal to buy the company, Clinigen said in a statement Thursday, saying it was responding to media speculation. The company has a market value of 975 million pounds ($1.3 billion).

Earlier this year, Elliott Investment Management disclosed a 5% stake in Clinigen. The company has long been seen as a takeover target for buyout firms. The company’s stock plunged in June when it gave lower-than-expected earnings guidance.

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