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

Jubilant Pharmova wholly owned subsidiary, Jubilant Pharma (JPL), on Sunday announced that it is set to divest its entire 25.8 per cent 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 which is expected to close by June 30, 2024 , pending customary conditions and regulatory approvals.

Upon completion of the merger, Jubilant Pharma anticipates receiving $113.63 million, with an additional $25.8 million contingent on achieving specific future milestones. The proceeds from the stake sale will be utilised by Jubilant Pharma to reduce leverage and for capital expenditures, the company revealed 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 manufacturing and supplying Radiopharmaceuticals, 

Allergy Immunotherapy, Contract Manufacturing of Sterile Injectables, Non-sterile products, and Solid Dosage Formulations. Jubilant Radiopharma, a division of Jubilant Pharma is a radiopharmaceutical business encompassing product development, manu-facturing, and commercialisation through Radiopharmaceuticals and Radiopharmacies. 

Jubilant Pharmova, formerly Jubilant Life Sciences Limited, is a multifaceted entity engaged in Radiopharma, Allergy Immunotherapy, CDMO of Sterile Injectable, Generics, CRDMO, and Proprietary Novel Drugs businesses.