Sun Pharma, India’s largest drugmaker, is acquiring Nasdaq-listed Checkpoint Therapeutics, an immunotherapy and targeted oncology company, for $355 million (over Rs 3,000 crore).
The acquisition will bolster the company’s specialty portfolio.
Checkpoint is a commercial-stage company that develops novel treatments for patients with solid tumor cancers, and the acquisition includes UNLOXCYT, an FDA-approved treatment for advanced skin cancer, says a company statement.
Dilip Shanghvi, CMD of Sun Pharma, said, “Combining UNLOXCYT, an FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma, with Sun Pharma’s global presence means patients may soon have access to an important, new treatment option. The acquisition further bolsters our innovative portfolio in onco-derm therapy.”
James Oliviero, president and chief executive officer of Checkpoint, said, “This transaction will maximise value for our stockholders and provide accelerated access to UNLOXCYT in the United States, Europe and other markets worldwide.”
Upon completion of the transaction, Sun Pharma will acquire all outstanding shares of Checkpoint and Checkpoint stockholders will receive, for each share of common stock they hold, an upfront cash payment of $4.1.
The transaction is subject to Checkpoint’s shareholder and regulatory approvals and is expected to be completed in Q2CY25
In connection with the transaction, Checkpoint, Sun Pharma and Fortress Biotech, Checkpoint’s controlling stockholder, have entered into a royalty agreement, under which following the closing of the transaction, Fortress would be entitled to receive royalty payments based on future sales of cosibelimab during a specified term, in lieu of royalty rights that were granted to Fortress.