One of the world’s most feared activist investors is pushing the listed healthcare company Clinigen to explore options include a radical break-up.

Sky News has learnt that executives Elliott Management held talks with Clinigen bosses during the summer, during which they floated the possibility of a sale of its pharmaceuticals services division.

On Friday, Elliott made a public disclosure that it owned more than 5% of Clinigen, sending the company’s shares soaring on the prospect of a takeover bid from the investor.

Sources close to the situation said that an outright bid could not be ruled out but that Elliott was also expected to press during subsequent engagement for a break-up and sale of one or both of Clinigen’s businesses.

The London-listed company was forced to issue a profit warning in June, which it blamed on delays to clinical trials and disruption to oncology treatments.

Its shares have trod water during the last year, a period in which rivals such as UDG Healthcare have attracted takeover bids from private equity suitors.

One source suggested that Elliott was prepared to engage in a “hostile” campaign over time to force Clinigen’s board into significant corporate actions.

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Clinigen is the latest London-listed healthcare company to attract Elliott’s attention, following the activist’s purchase of a stake in the much-larger GlaxoSmithKline (GSK).

At GSK, Elliott has raised questions over the future of Dame Emma Walmsley, its chief executive.

Clinigen and Elliott both declined to comment.

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