Jubilant Pharmova’s wholly owned subsidiary Jubilant Pharma Limited, Singapore to sell its entire 25.8% equity stake in Sofie for aggregate proceeds of about USD 139.43 Million. They had purchased this stake for USD 25 Million in Nov’ 2020. The proceedings will be used to reduce leverage and for capex and other corporate purposes.
The proceedings will be received in 2 parts:
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.
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