Business Update5 Jun 2024, 07:37 pm
Jubilant Pharmova Ltd Subsidiary Receives USD 115.9 Million from Sofie Biosciences Inc. Stake Sale
AI Summary
Jubilant Pharmova Ltd's subsidiary, Jubilant Pharma Limited, Singapore (JPL), has received USD 115.9 million from the sale of its entire 25.8% stake in Sofie Biosciences Inc., USA. The sale was part of Sofie's merger agreement with private equity funds managed by Trilantic Capital Partners, North America. An additional USD 1.2 million is held in escrow for post-closing adjustments, and up to USD 25.8 million may be received by JPL contingent on future milestones. JPL plans to use the proceeds to reduce leverage and for capex and other corporate purposes.
Key Highlights
- Jubilant Pharmova Ltd's subsidiary, Jubilant Pharma Limited, Singapore, sells its entire 25.8% stake in Sofie Biosciences Inc., USA for USD 115.9 million
- The sale is part of Sofie's merger agreement with private equity funds managed by Trilantic Capital Partners, North America
- An additional USD 1.2 million is held in escrow for post-closing adjustments
- Up to USD 25.8 million may be received by JPL contingent on future milestones
- JPL plans to use the proceeds to reduce leverage and for capex and other corporate purposes