M&A

M&A

Jubilant Pharma to sell its 26% stake in Sofie Biosciences for $140-M

Business Standard  

Jubilant Pharma is to divest its entire 25.8% equity stake in Sofie Biosciences, a US-based theranostics company, for an estimated USD 139.43 million. JPL had invested USD 25 million in Sofie Biosciences in November 2020.The sale comes as Sofie Biosciences prepares to merge with a private equity firm, Trilantic Capital Partners, North America. Upon completion of the merger, JPL is expected to receive USD 113.63 million, with an additional USD 25.8 million contingent on achieving milestones. The proceeds from the stake sale will be used to reduce leverage and for capital expenditures.