Sun Pharma to Acquire U.S.-Based Checkpoint Therapeutics for $355 Million
Sun Pharmaceutical Industries announced on Monday its acquisition of Checkpoint Therapeutics, a U.S.-based immunotherapy and targeted oncology firm, in a $355 million deal. The transaction aligns with Sun Pharma’s strategic expansion in oncology and immunotherapy, following its recent licensing agreement with Philogen for the anti-cancer drug Fibromun.
The acquisition is expected to be completed in the second quarter of 2025. The deal will bring Checkpoint’s FDA-approved skin cancer treatment, UNLOXCYT, under Sun Pharma’s global portfolio. As per the terms, Checkpoint shareholders will receive an upfront cash payment of $4.10 per share, representing a 66% premium on the company’s last closing price.
Additionally, they may receive up to $0.70 per share if its cancer immunotherapy, cosibelimab, secures regulatory approval in key European markets within specified deadlines. Checkpoint’s controlling shareholder, Fortress Biotech (FBIO.O), will also receive royalty payments on future sales of cosibelimab. Following the announcement, Sun Pharma’s shares saw a 1.2% rise in early Monday trading.
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