Table of Contents
Sun Pharma to Acquire Checkpoint Therapeutics for $355 Million
Acquisition Expands Oncology and Immunotherapy Portfolio
India’s Sun Pharmaceutical Industries has announced its acquisition of U.S.-based Checkpoint Therapeutics for $355 million. This move aligns with Sun Pharma’s ongoing strategy to strengthen its presence in the oncology and immunotherapy market through acquisitions and collaborations.
Key Details of the Deal
- The acquisition will be made through an upfront cash payment of $4.10 per common share.
- The offer represents a 66% premium to Checkpoint’s closing price on Friday.
- Checkpoint shareholders could receive an additional $0.70 per share if the company’s cancer immunotherapy, cosibelimab, secures approval in the EU or key European markets by set deadlines.
- Fortress Biotech, Checkpoint’s controlling shareholder, will receive royalty payments on future sales of cosibelimab.
Strategic Implications
With this acquisition, Sun Pharma will add UNLOXCYT, a U.S. FDA-approved treatment for advanced skin cancer, to its global portfolio. This follows Sun Pharma’s licensing agreement last year with Philogen for the anti-cancer drug Fibromun, highlighting its increasing focus on oncology treatments.
Expected Timeline
The transaction is anticipated to be completed in the second quarter of 2025, subject to regulatory approvals and customary closing conditions.
Market Response
Following the announcement, Sun Pharma’s shares rose by 1.2% in early trading on Monday, reflecting investor optimism regarding the acquisition.
“Sun Pharma to Acquire Checkpoint Therapeutics for $355 Million”