For a consideration of USD 142.9 million
Jubilant Pharmova announced that its wholly owned subsidiary, Jubilant Pharma, Singapore (JPL) has divested its entire 25.8% stake in Sofie Biosciences Inc., USA (Sofie). JPL has received USD 115.9 million as a part of the consideration. An additional USD 1.2 million is held in escrow account for any post-closing adjustments. Besides this consideration, the sum of up to USD 25.8 million may be received by JPL being contingent upon achievement of certain future milestones.
JPL plans to use the proceeds to reduce leverage and balance for capex and other corporate purposes.
JPL invested USD 25 million in Sofie. In Jan'2024, Sofie entered into a definitive merger agreement with private equity funds managed by Trilantic Capital Partners, North America, a US private equity firm. Consequently, JPL planned to sell its entire stake in Sofie for an aggregate proceeds of about USD 142.9 million. The merger transaction closed on 31 May 2024.
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