Jubilant Innovation to receive upfront payment $4.6 mn from venture funding

Jubilant Innovation USA Inc (JI), a subsidiary of Jubilant Life Sciences Ltd (JLS), will receive an upfront payment of $ 4.6 million and contingent payments up to $ 18 million based on the achievement of certain pre-determined clinical and regulatory milestones from its 10 percent interest as a limited partner in one of the venture funds specialised in seeding and investing in early stage drug discovery firms. These payments are on account of an acquisition by a large pharma company of one of their investee companies having assets in early stage clinical development.
 
Jubilant Innovation together with Jubilant Biosys and Jubilant Chemsys are part of Jubilant Life Sciences' drug discovery solutions business. JLS had decided to make strategic investments in venture funds investing in early stage discovery companies. In addition, JLS has also decided to pursue proprietary drug discovery of small molecules with an intent to out-licence/partner the same for upfront payments nad phased milestone payments/royalties.