Jubilant Pharmova's wholly owned subsidiary to sell its entire 25.8% stake in Sofie Biosciences Inc., USA

Jubilant Pharma Limited, Singapore ('JPL'), a wholly owned subsidiary, in Nov'2020 invested USD 25 Million in Sofie Biosciences Inc., USA ('Sofie') and currently holds 25.8% stake.

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. The merger transaction is expected to close by 30th June 2024, subject to customary conditions and regulatory approvals.

Consequently, JPL plans to sell its entire 25.8% equity stake in Sofie for aggregate proceeds of about USD 139.43 Million, including certain preferred returns. Of this, USD 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 achievement of certain future milestones. JPL plans to use these proceeds to reduce leverage and for capex and other corporate purposes.

Shares of Jubilant Pharmova Limited was last trading in BSE at Rs. 568.50 as compared to the previous close of Rs. 569.50. The total number of shares traded during the day was 36935 in over 2044 trades.

The stock hit an intraday high of Rs. 579.95 and intraday low of 560.45. The net turnover during the day was Rs. 21012368.00.

Source : Equity Bulls

Keywords

JubilantPharmova INE700A01033 JubilantPharma Singapore StakeSale SofieBiosciencesInc USA