Shareholders in Clinigen, whose top investor is hedge fund Elliott, will receive 925 pence per share in cash, up from a December bid of 883 pence apiece.
New York-based Elliott, which had been raising its holding in Clinigen over the past few months amid reports it was seeking a break-up of the group, owns a 10.5% stake in the British company, according to Refintiv Eikon data.
The latest offer by Triley Bidco, a newly created company indirectly owned by Triton Funds, is final and is recommended by the Clinigen board, the companies said in a joint statement.
Triton's first offer made in December valued Clinigen, which provides healthcare professionals and their patients with access to medicines, at about 1.2 billion pounds.
($1 = 0.7314 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)