Jubilant Biosys Innovative Research Services, Singapore (JBIRSPL), a subsidiary of Jubilant Biosys, a wholly owned subsidiary of Jubilant Pharmova, has executed the transaction definitive agreements with Pierre Fabre SA, and its affiliate entities (PF), for JBIRSPL to acquire 80% equity capital in JASMIN (new company incorporated by PF in France, as a Société par Actions Simplifiée (SAS)), with remaining 20% retained by PF.

In respect of an application made by JBIRSPL (for the said acquisition of 80% equity in JASMIN), the French Ministry of Economy and Finance has asserted that the Transaction is not subject to foreign investment control in France. At closing of the transaction, JASMIN shall acquire PF's R&D Centre (including R&D Site and R&D activities) at Saint Julien, France, and JBIRSPL would also execute a Shareholders' Agreement and other transition agreements with PF.