Express Pharma

Jubilant Pharma to sell its 25.8 per cent stake in Sofie Biosciences for $139.43 mn

Of this, $113.63 million is expected to be received upon completion of the merger while receipt of balance sum of $25.8 million is contingent upon achievement of certain future milestones

0 159

Jubilant Pharma, Singapore, a wholly owned subsidiary of Jubilant Pharmova, plans to sell its entire 25.8 per cent equity stake in in Sofie Biosciences, US. Jubilant Pharma had invested $25 million in Sofie Biosciences in November 2020.

Sofie is engaged in developing and delivering molecular diagnostics and therapeutics (theranostics). It has radiopharmaceutical production and distribution network, mature contract manufacturing services and high value theranostic intellectual property.

Sofie has now entered into a definitive merger agreement with certain private equity funds managed by Trilantic Capital Partners, North America, a US private equity firm. The merger transaction is expected to close by June 30, 2024, subject to customary conditions and regulatory approvals.

Jubilant Pharma plans to sell its entire 25.8 per cent equity stake in Sofie for aggregate proceeds of about $139.43 million, including certain preferred returns. Of this, $113.63 million (subject to certain customary adjustments at closing) is expected to be received upon completion of the merger while receipt of balance sum of $25.8 million is contingent upon achievement of certain future milestones. The company plans to use these proceeds to reduce leverage and for capex and other corporate purposes.

- Advertisement -