Jubilant Pharma to sell stake in Sofie Biosciences for $139.43 million

Jubilant Pharmova’s wholly owned subsidiary, Jubilant Pharma (JPL), announced on Sunday that it will divest its entire 25.8 percent equity stake in Sofie Biosciences, a US-based theranostics company, for an estimated $139.43 million, including preferred returns.

Jubilant Pharma had invested $25 million in Sofie Biosciences in November 2020 and now plans to exit its investment completely. The sale comes as Sofie Biosciences prepares to merge with a private equity firm, Trilantic Capital Partners, North America, in a deal expected to close by June 30, 2024, pending customary conditions and approvals of the regulatory authorities.

Upon completion of the merger, Jubilant Pharma expects to receive $113.63 million, with an additional $25.8 million subject to the achievement of specific future milestones. Proceeds from the share sale will be used by Jubilant Pharma to reduce debt burden and for capital expenditure, the company said in a regulatory filing on Sunday.

Jubilant Pharma (JPL), a Singapore-based company and a wholly owned subsidiary of Jubilant Pharmova, operates as a global pharmaceutical entity engaged in the manufacturing and supply of radiopharmaceuticals, allergy immunotherapy, contract manufacturing of sterile injectables, non-sterile products and solid substances. dosage formulations. Jubilant Radiopharma, a division of Jubilant Pharma, is a radiopharmaceutical company spanning product development, manufacturing and commercialization through radiopharmaceuticals and radiopharmaceuticals.

Jubilant Pharmova, formerly Jubilant Life Sciences Limited, is a multi-faceted entity engaged in radiopharmaceuticals, allergy immunotherapy, CDMO of sterile injectable drugs, generic drugs, CRDMO and proprietary novel drugs.

First print: January 28, 2024 | 6:00 PM IST