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

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Jubilant Pharmova’s 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, manufacturing, 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.

First Published: Jan 28 2024 | 6:00 PM IST