Jubilant Pharma on Tuesday announced that it is planning to sell its entire 25.8 percent stake in Sofie Biosciences for aggregate proceeds of about USD 139.43 Million, including certain preferred returns.
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 (‘Trilantic North America’)], a US private equity firm.
According to the company’s statement, the merger transaction is expected to close by 30th June 2024, subject to customary conditions and regulatory approvals.
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 USD 25.8 Million is contingent upon the achievement of certain future milestones.
JPL plans to use these proceeds to reduce leverage and for capex and other corporate purposes, it added.
