Jubilant Life Sciences Ltd said Wednesday one of its units will acquire a 25% stake in US-based radiopharmaceutical supplier Sofie Biosciences Inc. for $25 million (Rs 185 crore) in cash.
The deal will enable the two companies to collaborate in the development, manufacturing and distribution of radiopharmaceuticals, which will help in the diagnosis and treatment of a wide variety of oncology diseases, Jubilant Life said in a stock-exchange filing.
The Indian company is making the investment through wholly owned unit Jubilant Pharma Ltd’s business division Jubilant Radiopharma.
Jubilant said the investment will enable Sofie to grow its production capacity, advance its theranostic pipeline and support novel PET diagnostic manufacturing and distribution within the US.
Theranostics refers to combining one radioactive drug to diagnose and a second drug to treat a tumor.
Sergio Calvo, president of Jubilant’s radiopharmaceuticals division, said in a separate statement that Jubilant’s experience and Sofie’s innovation will help bring “game-changing” theranostic solutions to nuclear medicine.
This funding will help accelerate the readiness timelines for Sofie’s state-of-the-art theranostics manufacturing facility in New Jersey. It will also advance the development of its Fibroblast Activation Protein Inhibitor programme.
Sofie CEO Patrick Phelps said the investment will help it meet the growing need to manufacture highly specialized radiopharmaceuticals, as well as become the first theranostic production centre for FAPI in the US.
Jubilant Pharma makes active pharmaceutical ingredient, solid dosage formulations, radio pharmaceuticals, allergy therapy products and engages in contract manufacturing of sterile injectables and non-sterile products. It has six US Food and Drug Administration-approved manufacturing facilities in the US, Canada and India, and a network of 49 radio-pharmacies in the US.
Jubilant Life had hived off the pharmaceutical unit last year as part of a restructuring exercise.
To discuss the business opportunity and the challenges in the healthcare sector, VCCircle is organising the Healthcare Investment Summit 2020—a virtual event—on December 11. Check out the details and register click here https://healthcare.vccevents.com/