Radiopharmaceutical drug producer Jubilant Radiopharma has invested $25m to lead a $27.4m series C round for US-based molecular therapy and diagnostics (theranostic) product developer Sofie Biosciences.
The investment will give by Jubilant Radiopharma, a subsidiary of pharmaceutical company Jubilant Life Sciences, a 25% stake in the company. The three other participants in the round were not disclosed.
Sofie has developed a range of positron emission tomography (PET) scanners that use radiotracers to detect conditions such as cancer, cardiovascular disease and neurological disorders.
The company also provides automated radiochemical synthesisers that create PET probes, as well as software that helps track them and analyse the results, in addition to supplying molecular tracers to external clients.
Jubilant Radiopharma’s investment was made through a strategic partnership that will support the expansion of Sofie’s PET manufacturing capacity in the United States and the progress of its product pipeline.
Sergio Calvo, president of Jubilant Radiopharma, said: “Sofie is a beacon of innovation, and with Jubilant’s deep experience, uncompromised quality and customer-centric operations, we will bring game-changing theranostic solutions to nuclear medicine.”
The company had previously raised $5m in equity funding in 2013, $3.7m in 2016 and $950,000 in debt financing in July 2019, according to regulatory filings.
