Jubilant Pharma Limited, based in Singapore, has unveiled its decision to divest its entire stake in Sofie Biosciences Inc., USA, for a substantial sum of INR 139.43 million. 

The pharmaceutical giant's wholly-owned subsidiary had previously invested USD 25 million in Sofie Biosciences in November 2020, currently holding a noteworthy 25.8 percent stake in the company.

Sofie Biosciences, renowned for its contributions to molecular diagnostics and therapeutics (theranostics), has now entered into a definitive merger agreement with private equity funds managed by the esteemed U.S. private equity firm Trilantic Capital Partners, North America. The company also boasts a robust radiopharmaceutical production and distribution network, mature contract manufacturing services, and valuable theranostic intellectual property.

Of the total proceeds from Jubilant Pharma Limited's stake sale, amounting to USD 139.43 million, USD 113.63 million is anticipated upon the completion of the merger. The remaining USD 25.8 million is contingent upon the achievement of specific future milestones.

Jubilant Pharma has outlined strategic plans for the utilization of these funds, with a focus on reducing leverage and directing investments towards capital expenditures and other corporate purposes.