Jubilant Pharma, a wholly owned subsidiary of Jubilant Pharmova, will divest its entire 25.8 percent equity stake in Sofie Biosciences, a theranostics company based in the United States, for an approximate total of $139.43 million.
In November 2020, Jubilant Pharma had initially invested $25 million in Sofie Biosciences and now plans a complete exit from its investment. The decision to sell comes as Sofie Biosciences prepares to merge with Trilantic Capital Partners, North America. The merger deal is expected to conclude by June 30, 2024, subject to customary conditions and regulatory approvals.
Following the merger’s completion, Jubilant Pharma expects to receive $113.63 million upfront, with an additional $25.8 million contingent upon achieving specific future milestones.
As reported by Business Standard, Jubilant Pharma (JPL), headquartered in Singapore, operates globally in the pharmaceutical sector. Its operations include the manufacturing and supply of radiopharmaceuticals, allergy immunotherapy, contract manufacturing of sterile injectables, non-sterile products, and solid dosage formulations.
