News article which appears to have gone unnoticed.
From "THIS IS MONEY" website

Ubiquitious Warburg Pincus has completed more initial public offerings (IPOs) than any other private equity firm. It is currently putting its considerable weight behind a proposed $1.5bn IPO of Bausch & Lomb, the leading supplier of contact lenses and lens care products. It also has its beady eye on much smaller fry.

Word is it recently approached the board of dermatology specialist Sinclair IS Pharma, up 0.12p to 26.5p, with a ‘friendly’ £152m or 35p-a-share cash offer to take the company private, but was sent away with a flea in its ear.

Apparently that was before there was any consultation with the group’s major shareholders which include Toscafund Asset Management (13.6 per cent), Lansdowne Partners (11 per cent) and Blackrock (4.36 per cent).

Broker Canaccord Genuity’s target price is 38p. It recently reiterated its buy stance after Sinclair signed an exclusive ten-year partnership with Hikma to commercialise Flammacerium, its hospital product for the prevention and treatment of infections in severe burns, in the MENA region.

One fund manager said that Sinclair has emerged as a top bid target as there is a paucity of smaller dermatology firms with a global platform. Warburg Pincus could take it private now and spin it off at a later date at an enhanced price.

Recent trades explained today with a RNS of Toscafund Asset Management LLP
increasing the holding to more than 15%

From Directors Talk..........11th July

If you like growth companies, then Sinclair IS Pharma (LON:SPH) might be worth a look. It's a new one to me, but the shares have risen 12% today to 26p on a positive-sounding trading update. It's a speciality pharmaceuticals company, selling products for wound care, dermatology, oncology support, etc. It's been loss-making historically, but seems to have now reached profitability. In a statement covering the year ended 30 Jun 2013, they state that turnover rose to £55.4m, a 4% like-for-like increase, and a whisker short of broker consensus of £55.9m turnover. They say that net debt has reduced to £6.8m, and that "adjusted EBITDA for the full year is expected to be in line with market expectations". Stockopedia is showing 1.01p broker consensus EPS forecast for this period, so that puts the shares on a rather racy 26 times EPS. However, growth companies are not usually valued on historic earnings, it's the future that matters. So if they achieve the 78% forecast increase in EPS to 1.79p this year, then the PER falls to 14.5. You can't really judge growth companies without properly researching their products & markets, and I don't have time to do that today, but just thought I'd flag up the share as something that readers might want to research yourselves, if you like the look of it. - See more at: http://www.stockopedia.co.uk/content/small-cap-value-report-11-jul-bmy-lcg-aph-cau-sph-bju-75079/#sthash.7DRRy1Ux.dpuf

I don't want any grown ups coming in here and spoiling my fun.

The SP has now moved through the 50 & 200 day moving average.

looking positive almost bullish

Toscafund today announced increase in holdings to over 19% which takes shares held by funds and directors to 70%

4 days to go to end of year results.

I have been in this sometime and it finally gaining some traction.

I think it is shaping up to be a candidate for a takeover.

Buy Sinclair IS Pharma @ 30p Buy Sinclair IS Pharma @ 30pToday (2013-10-15 14:52:22)Print this Articleby James Faulkner & Richard GillSinclair IS Pharma is a specialty pharmaceuticals firm focused primarily on dermatology and woundcare which has been undergoing some interesting changes of late....During recent years Sinclair has been streamlined through the disposal of some non-core offerings. Operating expenses have been refocused on sales and marketing (+69% over 3 years), with central costs substantially reduced as a proportion (an increase of only 8% over 3 years)....Following these changes the firm has become sustainably profitable at the EBITDA level. The group is now also seeing the strong cash generation that is a feature of other specialty pharma businesses such as Alliance Pharma (APH), with net debt at 30th June reduced to £6.9 million due to a strong improvement in operating cash flow....The firm recently exited all in-house manufacturing, which suggests a more capital-light business model going forward. Brokers expect 30%+ CAGR for earnings and EBITDA between 2013-15, with the potential for deal flow to deliver earnings upgrades...We believe the focus on several larger, globally recognised brand names positions the firm well for a potential takeover approach, under which scenario Sinclair could command a price tag of up to 5x EV/sales based on industry norms. Our initial one-year price target of 45p offers upside of 50% and is based on a conservative EV/sales multiple of 3x. "BUY", at 30p.THE BUSINESSSinclair IS Pharma is an international specialty pharmaceutical company centred on dermatology (the skin and its diseases), particularly Aesthetics, Wound care, and Skin care. The company has a direct sales and marketing presence in the top five European markets and a rapidly growing International division concentrated on the Emerging Markets through long-term multi-product, multi-country, sales, marketing and distribution deals with key strategic partners. The portfolio can be broadly summarised into Growth Products: (Top tier: Kelo-Cote, Sculptra; Second Tier: Atopiclair, Sebclair, Papulex); Cash Cow (FLAMMA brand, Aloclair) and Non-Core (Aloxi, Variquel, oral care products). The latter products are likely to be disposed of should the firm find a buyer at the right price, with the proceeds likely to be reinvested in products that are better suited to the firm's core dermatology focus. The Sinclair story only really started to become interesting after the firm acquired the rights to three dermal filler brands in Western Europe, which joined Kelo-cote in the aesthetic market. Technically speaking Sinclair acquired two products but they are sold under three different brand names. Poly-L-lactic acid is a synthetic biodegradable polymer and is supplied as an injectable intradermal implant. Whilst acting as a physical filler, it also appears to promote the growth of new collagen, restoring elasticity to the skin and resulting in a lift effect. It is available as New-Fill on prescription (and reimbursed) for the correction of facial lipodystrophy in patients with HIV – lipodystrophy (the loss of fat) is an effect associated with HIV and is also a side effect of certain treatments. The same product is also available as Sculptra for use in general aesthetic procedures. Meanwhile, Succeev is an injectable for use as a dermal filler and also targets the aesthetic market. Given that the European Dermal filler market is expected to grow by 8% compound to $230 million by 2017, there is a significant opportunity for Sinclair in this market. Sculptra is already a growing global brand, but has just 3% market share in Europe and only 7% in its biggest market the UK. compelling strategy that should result in a more highly valued group...Upon his arrival in 2009, CEO Chris Spooner formulated a new strategy for Sinclair which is now being delivered upon. The key priorities

Toscafund bought another 6 million shares and crossed the 20% limit. How long before something happens?

Institutional and other main shareholders are above the 70% holding

SP has had a steady climb over the last 10 weeks and likely to continue. Still talk of a take over on BBs